17 Dec 2019
Gold Price Analysis: XAU/USD bulls hesitant below $1480/oz
- Gold remains stuck in a sideways market in December.
- The level to beat for bulls is the 1480/85 resistance zone.
- The main support is seen at the 1465 level.
Gold daily chart
XAU/USD is trading in an unusual tight range for the second consecutive session below the 1480 resistance and the 50-day simple moving averages (DMAs).
Gold four-hour chart
The buyers need a successful breakout above the 1480/85 resistance zone. If this happens, the next main resistance is likely the 1515 level. On the flip side, if the bears fade the current resistance zone, the market could drop to 1465 and potentially to the 1455/50 support zone.
Additional key levels