Gold price news & forecast: XAU/USD Once again fails near $1475 level

XAU/USD Once again fails near $1475 level

Gold failed to capitalize on its early uptick to over one-week tops and once again started retreating from the $1475 resistance zone. Currently hovering around the $1466 region, the commodity has now erased all of the previous session's modest intraday gains.

The mentioned barrier represents a previous horizontal support breakpoint and the lower end of a one-month-old trading range, which is closely followed by 100-day SMA and should act as a key pivotal point for the commodity's next leg of a directional move. Read more...

Gold: bulls need a decisive pop above $1494

Following the downside break of $1458 key October low, gold has engaged in a mild unwinding drift back higher. We continue to see this move will be the source of the next chance to sell. There is resistance of overhead supply $1474/$1480 which is now being tested. Another failure around here could be the trigger signal. 

The RSI failing around 45/50 would be a negative signal now and already the Stochastics are looking tired in a rebound. The hourly chart shows a recovery has lost some of its impetus now and more neutral set up is beginning to develop across momentum indicators. Initial support of yesterday’s low at $1456 now protects $1445. The bulls need a decisive pop above $1494 to really suggest a sustaining recovery. Read more...