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21 Nov 2019
Gold Technical Analysis: Yellow Metal losing its shine below the 1480 resistance
- Gold is losing steam below the 1480 resistance level.
- The level to beat for sellers is the 1445 swing low.
Gold daily chart
The yellow metal is trading in a bull flag with lower lows and lower highs as it trading below the 50 and 100-day simple moving averages (DMAs). The 1480 resistance and the 100 SMA are currently capping the upside.
The sellers want a break below the 1445 swing low. The next main support on the way down is likely the 1400 handle.
Alternatively, if the market breaks above the 1480 level, the metal could attract further buying interest towards the 1520 level.
Additional key levels