Gold Technical Analysis: Probing key resistance at $1,478


  • Gold is looking to beat resistance at $1,478 amid fading trade optimism. 
  • A close higher would confirm a double bottom breakout on the daily chart. 

Gold is chipping away at resistance at $1,478 in Asia. 

A close higher would confirm a double bottom breakout. That would mean the pullback from September highs above $1,555 has ended and the bulls have regained control. 

A breakout, if confirmed, would open the doors for $1,508 (target as per the measured move method). 

A close above $1,478 looks likely with fading US-China trade optimism. President Trump on Tuesday said that he may delay a trade deal with China till after the 2020 presidential election. 

Further, political tensions between the two nations are escalating. The US House of Representatives on Tuesday overwhelmingly passed the Uighur Act, a bill to condemn the Chinese government for its mass internment of Uighur Muslims in Xinjiang. 

Daily chart

Trend: Bullish above $1,478

Technical levels

XAU/USD

Overview
Today last price 1477.77
Today Daily Change 0.57
Today Daily Change % 0.04
Today daily open 1477.2
 
Trends
Daily SMA20 1465.53
Daily SMA50 1483.61
Daily SMA100 1486.17
Daily SMA200 1402.78
 
Levels
Previous Daily High 1481.7
Previous Daily Low 1459.92
Previous Weekly High 1466.62
Previous Weekly Low 1450.74
Previous Monthly High 1515.38
Previous Monthly Low 1445.8
Daily Fibonacci 38.2% 1473.38
Daily Fibonacci 61.8% 1468.24
Daily Pivot Point S1 1464.18
Daily Pivot Point S2 1451.16
Daily Pivot Point S3 1442.4
Daily Pivot Point R1 1485.96
Daily Pivot Point R2 1494.72
Daily Pivot Point R3 1507.74

 

 

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