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Gold technical analysis: The yellow metal is at the edge of a cliff

  • Gold ends the week on its lows as the market is off the 2019 highs.
  • The level to beat for bears is the 1,485 support level.
 

Gold daily chart

 
The yellow metal is trading in a bull trend above its main daily simple moving averages (SMAs). The market is challenging the 1,485 support above the 50 SMA. A break below the level can open the doors to a selloff towards the 1,400 figure. 
 
The first level of resistance is likely the 1,520.00 resistance followed by 1,560 near the 2019 high.

Additional key levels

XAU/USD

Overview
Today last price1488.6
Today Daily Change-10.40
Today Daily Change %-0.69
Today daily open1499
 
Trends
Daily SMA201516.89
Daily SMA501472.68
Daily SMA1001398.93
Daily SMA2001345.32
Levels
Previous Daily High1523.3
Previous Daily Low1489.25
Previous Weekly High1557.03
Previous Weekly Low1502.95
Previous Monthly High1554.63
Previous Monthly Low1400.9
Daily Fibonacci 38.2%1510.29
Daily Fibonacci 61.8%1502.26
Daily Pivot Point S11484.4
Daily Pivot Point S21469.8
Daily Pivot Point S31450.35
Daily Pivot Point R11518.45
Daily Pivot Point R21537.9
Daily Pivot Point R31552.5

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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