16 Dec 2019
Gold Price Analysis: XAU/USD bulls challenge the $1480/oz resistance
- Gold is starting the week by challenging $1480 per once.
- The level to beat for buyers is the 1480/85 resistance zone.
Gold daily chart
The theme of December remains a sideways consolidation. XAU/USD is challenging the 1480 resistance near the 50 SMA. However, the metal is trapped in a range between the 1455 and 1485 levels while remaining under the 50 and 100-day simple moving averages (DMAs).
Gold four-hour chart
If the bulls want to resume the longer-term bull trend, they will need to have a successful breakout above the 1480/85 resistance zone. Looking up, the next main resistance is likely the 1515 resistance level. On the flip side, support is seen at 1465 and the 1455/50 support zone.
Additional key levels