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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 price1471.06
Today Daily Change6.82
Today Daily Change %0.47
Today daily open1464.24
 
Trends
Daily SMA201487.36
Daily SMA501494.5
Daily SMA1001478.11
Daily SMA2001392.63
 
Levels
Previous Daily High1467.35
Previous Daily Low1456
Previous Weekly High1514.85
Previous Weekly Low1456.43
Previous Monthly High1519.04
Previous Monthly Low1455.5
Daily Fibonacci 38.2%1463.01
Daily Fibonacci 61.8%1460.34
Daily Pivot Point S11457.71
Daily Pivot Point S21451.18
Daily Pivot Point S31446.36
Daily Pivot Point R11469.06
Daily Pivot Point R21473.88
Daily Pivot Point R31480.41

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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