18 Dec 2019
Gold Price Analysis: XAU/USD sidelined below $1480/oz
- Gold stays stuck in a sideways market in the last month of 2019.
- The level to beat for buyers is the 1480/85 resistance zone.
- The main support is seen at the 1460/50 price zone.
Gold daily chart
XAU/USD has been trading in an unusual tight trading range for the second consecutive day below the 1480 resistance and the 50-day simple moving averages (DMAs).
Gold four-hour chart
XAU/USD is stuck below the 1480/85 resistance zone while trading above its main SMAs on the four-hour chart. The market is advancing very slowly and bulls are likely waiting for a catalyst to break above the 1480/85 resistance zone. If the breakout has follow-through, the next resistances are seen at the 1494 and 1510 level. On the flip side, if bears fade 1480/85, the metal could drop towards the 1460/50 support zone.
Additional key levels