Gold technical analysis: Facing 1,510 brick wall ahead of the FOMC Minutes


  • Gold is challenging the October highs near 1,510 resistance. 
  • The FOMC Minutes are scheduled at 18:00 GMT; the news can lead to some volatility. 
 

Gold four-hour chart

 
The yellow metal is trading below the 200-day simple moving average (SMA) and the 1,510 resistance. This level might be a tough nut to crack as it held throughout October. A break below the psychological level of $1,500 a troy once can lead to a decline towards 1,490 swing low. A break below this level can expose the 1,475 and 1,460 support levels if the sellers gather enough steam. On the flip side, a daily close above 1,510 can lead to 1,520 and 1,535 resistances on the way up. The FOMC Minutes are scheduled at 18:00 GMT; the news can lead to some volatility. 
 

Additional key levels

XAU/USD

Overview
Today last price 1507.89
Today Daily Change 2.29
Today Daily Change % 0.15
Today daily open 1505.6
 
Trends
Daily SMA20 1500.74
Daily SMA50 1502.9
Daily SMA100 1438.03
Daily SMA200 1367.42
 
Levels
Previous Daily High 1509.38
Previous Daily Low 1487.8
Previous Weekly High 1519.04
Previous Weekly Low 1455.5
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1501.13
Daily Fibonacci 61.8% 1496.04
Daily Pivot Point S1 1492.48
Daily Pivot Point S2 1479.35
Daily Pivot Point S3 1470.9
Daily Pivot Point R1 1514.05
Daily Pivot Point R2 1522.5
Daily Pivot Point R3 1535.62

 

 

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