- Gold is hovering near three weeks highs.
- The level to beat for bulls is the 1485 resistance.
Gold daily chart
Gold started December with a sharp bounce to the 1480 resistance. The market is also battling with the 50 and 100-day simple moving averages (SMAs), which are located just above the resistance.
Gold four-hour chart
The metal is consolidating Tuesday’s gains near the 1480 resistance and the 200 SMA. If buyers overcome the 1485 resistance, XAU/USD could grind up towards 1493 and 1520 if the market gathers enough momentum. Support is seen at the 1472 and 1465 level.
Additional key levels
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