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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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