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.
 

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

 

 

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