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17 Oct 2019
Gold technical analysis: The yellow metal is nearing $1,500/oz
- Gold is in consolidation mode, trading below the 1,500 mark.
- A daily close above 1,500 can lead to a run towards 1,510/1520 price levels.
Gold daily chart
The yellow metal is trading in a bull trend above the 100 and 200-day simple moving averages (SMAs). In the last weeks, the market has been consolidating near $1,500 per ounce and the 50 SMA.
Gold four-hour chart
The yellow metal is trading below the 200-period simple moving average (SMA) and below the 1,500 mark; all-in-all suggesting a bearish bias in the medium term. A break below $1,490 a troy once can expose the 1,460 swing low. On the flip side, a daily close above 1,500 could trigger a bull run towards the 1,510/1,520 resistance levels
Additional key levels