Gold technical analysis: The metal breaks below the 1,500 handle after US CPI, eyes on trade


  • The US Core Consumer Price Index (CPI) came out as expected at 2.4% YoY. 
  • The metal is breaking below the 1,500 psychological mark as the market is mood is improving.
 

Gold four-hour chart

 
The yellow metal is trading below the 100 and 200-day simple moving average (SMA) while challenging the 1,500 mark. A break below $1,500 a troy once can expose the 1,490 swing low. Further weakness below that point can lead to the 1,475 and 1,460 support levels if the sellers gather enough steam. On the flip side, a daily close above 1,510 would be seen as bullish and 1,520 and 1,535 resistances could be back into play.
 

Additional key levels

XAU/USD

Overview
Today last price 1502.4
Today Daily Change -3.20
Today Daily Change % -0.21
Today daily open 1505.6
 
Trends
Daily SMA20 1501.16
Daily SMA50 1504.75
Daily SMA100 1440.37
Daily SMA200 1368.54
 
Levels
Previous Daily High 1511.4
Previous Daily Low 1500.1
Previous Weekly High 1519.04
Previous Weekly Low 1455.5
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1504.42
Daily Fibonacci 61.8% 1507.08
Daily Pivot Point S1 1500
Daily Pivot Point S2 1494.4
Daily Pivot Point S3 1488.7
Daily Pivot Point R1 1511.3
Daily Pivot Point R2 1517
Daily Pivot Point R3 1522.6

 

 

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