Gold technical analysis: Pivots around $1500 mark, awaits FOMC policy update

  • Bulls, so far, have managed to defend a 3-1/2-month-old ascending trend-line support.
  • Neutral set-up warrants caution before placing any aggressive near-term directional bets.
  • All eyes remain glued to the highly anticipated FOMC decision, due later this Wednesday.

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.
The precious metal has repeatedly bounced off a 3-1/2-month-old ascending trend-line, which coincides with 23.6% Fibo. level of the $1269-$1557 up-move and should act as a key pivotal point for short-term traders.
Meanwhile, neutral technical indicators on hourly/daily charts haven’t been supportive of any firm near-term direction and warrant some caution before placing any aggressive directional bets ahead of the key event risk.
The mentioned confluence support is closely followed by 50-day SMA, which if broken decisively will confirm a bearish breakdown and set the stage for an extension of the recent corrective slide from multi-year tops.
Below the mentioned support, currently near the $1480 region, Gold is likely to accelerate the downfall further towards challenging a previous horizontal resistance breakpoint, now turned support near the $1450-46 region.
On the flip side, any meaningful move up is likely to confront some fresh supply near the $1512 region ahead of the post-ECB volatility swing high near the $1522-24 area, above which the commodity might aim back towards multi-year tops.

Gold daily chart



Today last price 1502.4
Today Daily Change 1.00
Today Daily Change % 0.07
Today daily open 1501.4
Daily SMA20 1515.46
Daily SMA50 1478.61
Daily SMA100 1405.29
Daily SMA200 1349.11
Previous Daily High 1507.25
Previous Daily Low 1493.65
Previous Weekly High 1523.3
Previous Weekly Low 1484.9
Previous Monthly High 1554.63
Previous Monthly Low 1400.9
Daily Fibonacci 38.2% 1502.05
Daily Fibonacci 61.8% 1498.85
Daily Pivot Point S1 1494.29
Daily Pivot Point S2 1487.17
Daily Pivot Point S3 1480.69
Daily Pivot Point R1 1507.89
Daily Pivot Point R2 1514.37
Daily Pivot Point R3 1521.49



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD struggling around 1.13 as stocks fall

EUR/USD is trading around 1.13, off the highs as concerns about coronavirus and the court decision to hand Trump's financial to a grand jury trigger political uncertainty. US jobless claims beat expectations.


GBP/USD pressured toward 1.26 as the market mood worsens

GBP/USD is trading around 1.26, off the highs. The risk-off mood has pushed the dollar higher and is weighing on GBP/USD. UK fiscal stimulus and Brexit are also in play.


Gold: $1800 is being used as the intraday support for XAU/USD

Gold has retraced on Thursday during the US session after the recent impressive rally. At the moment the market is grappling with the USD 1800 per troy ounce psychological level. 

Gold News

Altcoin season confirmed

Second-line Altcoins take turns offering explosive price hikes. Bitcoin is giving up ground in the struggle for dominance, but it is not Ethereum that collects the profits. Ripple manages to enter the safe zone and bets on the upward continuity.

Read more

WTI: Rounding bottom on hourly chart highlights $41.15

WTI stays mildly bid above $41.00 while remaining above 100-HMA. Multiple failures to cross $41.15 confront a bullish chart formation on a short timeframe. June month’s top, February low will be on the buyers’ radar after a successful break.

Oil News