Gold technical analysis: Yellow metal surges near multi-month highs as the trade war escalates

Risk-off mood sends gold near multi-month highs.
The level to beat for bulls is 1,452.71, the 2019 high.

Flavio Tosti Independent Analyst

Gold daily chart

Gold spiked near multi-month highs as US President Trump announced a new round of tariffs on China. The news triggered the risk-off mood with gold going up and the US Dollar going in the opposite direction.

Gold 4-hour chart

The yellow metal bulls will need to break above 1,452.71, the 2019 high, in order to travel north towards 1,476.00 resistance. Gold is trading above its main simple moving averages suggesting bullish momentum in the medium term.

Gold 30-minute chart

Bulls should ideally keep the price above 1,440.00 in order to reach new 2019 highs. On the flip side if the 1,440.00 support gets breached, the market could decline towards 1,430.00, 1,420.00 and the 1,414.00 level.

Additional key levels

XAU/USD

Overview
Today last price	1443.26
Today Daily Change	30.26
Today Daily Change %	2.14
Today daily open	1413

Trends
Daily SMA20	1416.93
Daily SMA50	1375.99
Daily SMA100	1333.13
Daily SMA200	1301.09

Levels
Previous Daily High	1432.88
Previous Daily Low	1410.7
Previous Weekly High	1433.6
Previous Weekly Low	1411.26
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1419.17
Daily Fibonacci 61.8%	1424.41
Daily Pivot Point S1	1404.84
Daily Pivot Point S2	1396.68
Daily Pivot Point S3	1382.66
Daily Pivot Point R1	1427.02
Daily Pivot Point R2	1441.04
Daily Pivot Point R3	1449.2

Author

Flavio Tosti

Independent Analyst

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