Gold Technical Analysis: Yellow metal recovering but not out of the woods

Gold is gaining steam for the third consecutive day.
The market needs to overcome the 1475 resistance.

Flavio Tosti Independent Analyst

Gold daily chart

The yellow metal is trading in a bull flag, making lower lows and lower highs as it trading below the 50 and 100-day simple moving averages (DMAs).

Gold four-hour chart

Gold is challenging the 1475 resistance and the 50 SMA on the four-hour chart. This is a key level to break for a potential move higher towards the 1490/1500 resistance zone. A rejection at 1475 would likely lead to a retest of the 1460 and 1450 support levels.

Additional key levels

XAU/USD

Overview
Today last price	1471.06
Today Daily Change	6.82
Today Daily Change %	0.47
Today daily open	1464.24

Trends
Daily SMA20	1487.36
Daily SMA50	1494.5
Daily SMA100	1478.11
Daily SMA200	1392.63

Levels
Previous Daily High	1467.35
Previous Daily Low	1456
Previous Weekly High	1514.85
Previous Weekly Low	1456.43
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1463.01
Daily Fibonacci 61.8%	1460.34
Daily Pivot Point S1	1457.71
Daily Pivot Point S2	1451.18
Daily Pivot Point S3	1446.36
Daily Pivot Point R1	1469.06
Daily Pivot Point R2	1473.88
Daily Pivot Point R3	1480.41

Author

Flavio Tosti

Independent Analyst

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