• Gold is struggling to beat the newfound resistance at $1,475. 
  • The daily chart shows the recent bounce has run out of steam.

Gold is again having a tough time scaling $1,475 in a convincing manner. 

The yellow metal is currently trading at $1,473 per Oz, having hit a high of $1,475.25 an hour ago. Notably, $1,475 capped upside on Monday, Tuesday and also on Nov. 14. 

As a result, it is the level to beat for the bulls. A convincing break higher will likely yield a quick move to $1,480-$1,482. 

However, the two-way business or indecision signaled by Tuesday's candle indicates the bounce from the Nov. 12 low of $1,445 has run out of steam and a pullback, possibly to $1,464, could be in the offing. 

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price 1474.11
Today Daily Change 1.62
Today Daily Change % 0.11
Today daily open 1472.49
 
Trends
Daily SMA20 1483.7
Daily SMA50 1491.93
Daily SMA100 1480.71
Daily SMA200 1395.85
 
Levels
Previous Daily High 1475.43
Previous Daily Low 1465.08
Previous Weekly High 1474.6
Previous Weekly Low 1445.8
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1471.47
Daily Fibonacci 61.8% 1469.03
Daily Pivot Point S1 1466.57
Daily Pivot Point S2 1460.64
Daily Pivot Point S3 1456.21
Daily Pivot Point R1 1476.92
Daily Pivot Point R2 1481.35
Daily Pivot Point R3 1487.28

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD consolidates gains above 1.0300 after US data

EUR/USD consolidates gains above 1.0300 after US data

EUR/USD has gathered bullish momentum and advanced toward 1.0350 on Wednesday before going into a consolidation phase. With the greenback struggling to find demand after soft July inflation data, the pair holds above 1.0300 and clings to strong daily gains.

EUR/USD News

GBP/USD advances beyond 1.2200 amid renewed dollar weakness

GBP/USD advances beyond 1.2200 amid renewed dollar weakness

GBP/USD has surged above 1.2200 on Wednesday amid broad-based USD weakness. The data from the US revealed that the Core CPI stayed unchanged at 5.9% in July, compared to the market expectation of 6.1%, and triggered a dollar selloff.

GBP/USD News

Gold struggles to claim $1,800 despite falling US yields

Gold struggles to claim $1,800 despite falling US yields

Gold has fluctuated wildly with the initial reaction to soft July inflation data but failed to attract buyers even after having climbed above $1,800. Falling US Treasury bond yields help XAU/USD stay in positive territory above $1,790 during the American trading hours.

Gold News

Crypto markets tumble, but the worst is yet to come

Crypto markets tumble, but the worst is yet to come

Bitcoin price is trying to undo the gains it witnessed over the last week and is currently at the midway point. This sell-off has caused Ethereum and Ripple prices to follow suit, pausing the rallies that altcoins were experiencing.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures