Gold Technical Analysis: Metal remains under pressure below $1480/oz at the start of the week

Gold stays under bearish pressure below the 1480 resistance level.
The level to beat for sellers is the 1445 swing low.

Flavio Tosti Independent Analyst

Gold daily chart

Gold is starting the week trading close to its lowest point in 2-months while trading below the 50 and 100 SMAs on the daily chart.

The metal is trading in a bull flag, printing lower lows and lower highs. The $1480 per troy ounce level near the 100 SMA, is the first resistance of relevance.

The bulls are, for the time being, absent and bears are likely looking for a breakdown below the 1445 swing low. If the breakout turns out to be successful, the next main support on the way down can be located near the 1400 handle.

On the flip side, if the market breaks beyond the 1480 resistance level on a daily closing basis, gold could start resuming the underlying bull trend and rise towards the 1520 level.

Additional key levels

XAU/USD

Overview
Today last price	1456.91
Today Daily Change	-5.36
Today Daily Change %	-0.37
Today daily open	1462.27

Trends
Daily SMA20	1478.72
Daily SMA50	1490.24
Daily SMA100	1482.35
Daily SMA200	1398.2

Levels
Previous Daily High	1473.3
Previous Daily Low	1461.64
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1466.1
Daily Fibonacci 61.8%	1468.85
Daily Pivot Point S1	1458.18
Daily Pivot Point S2	1454.08
Daily Pivot Point S3	1446.52
Daily Pivot Point R1	1469.83
Daily Pivot Point R2	1477.39
Daily Pivot Point R3	1481.49

Author

Flavio Tosti

Independent Analyst

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