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.

Flavio Tosti Independent Analyst

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 price	1488.6
Today Daily Change	-10.40
Today Daily Change %	-0.69
Today daily open	1499

Trends
Daily SMA20	1516.89
Daily SMA50	1472.68
Daily SMA100	1398.93
Daily SMA200	1345.32

Levels
Previous Daily High	1523.3
Previous Daily Low	1489.25
Previous Weekly High	1557.03
Previous Weekly Low	1502.95
Previous Monthly High	1554.63
Previous Monthly Low	1400.9
Daily Fibonacci 38.2%	1510.29
Daily Fibonacci 61.8%	1502.26
Daily Pivot Point S1	1484.4
Daily Pivot Point S2	1469.8
Daily Pivot Point S3	1450.35
Daily Pivot Point R1	1518.45
Daily Pivot Point R2	1537.9
Daily Pivot Point R3	1552.5

Author

Flavio Tosti

Independent Analyst

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