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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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