Gold Technical Analysis: Yellow metal ends the week near 2-month lows

Gold is under pressure below the 1480 resistance level.
The level to beat for bears is the 1445 swing low.

Flavio Tosti Independent Analyst

Gold weekly chart

Gold is ending the week near its lowest point in 2-months while trading above its main SMAs on the weekly chart.

Gold daily chart

On the daily time frame, The precious metal is trading in a bull flag, making lower lows and lower highs while trading below the 50 and 100-day simple moving averages (DMAs). This week the 1480 resistance and the 100 SMA capped the upside.

The bears are likely looking for a break below the 1445 swing low. If the breakdown is successful, the next main support on the way down is likely the 1400 handle.

On the flip side, if the market breaks beyond the 1480 level, gold could attract further buying interest towards the 1520 level.

Additional key levels

XAU/USD

Overview
Today last price	1462.27
Today Daily Change	-2.79
Today Daily Change %	-0.19
Today daily open	1465.06

Trends
Daily SMA20	1480.83
Daily SMA50	1490.76
Daily SMA100	1481.72
Daily SMA200	1397.45

Levels
Previous Daily High	1475.7
Previous Daily Low	1462.74
Previous Weekly High	1474.6
Previous Weekly Low	1445.8
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1467.69
Daily Fibonacci 61.8%	1470.75
Daily Pivot Point S1	1459.97
Daily Pivot Point S2	1454.87
Daily Pivot Point S3	1447.01
Daily Pivot Point R1	1472.93
Daily Pivot Point R2	1480.79
Daily Pivot Point R3	1485.89

Author

Flavio Tosti

Independent Analyst

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