Gold technical analysis: $1,475 continues to cap upside

• Gold is struggling to beat the newfound resistance at $1,475.  
• The daily chart shows  the  recent bounce has run out of steam

Gold is again having a tough time scaling $1,475 in a convincing manner.  

The yellow metal is currently trading at $1,473 per Oz, having hit a high of $1,475.25 an hour ago. Notably, $1,475 capped upside on Monday, Tuesday and also on Nov. 14.  

As a result, it is the level to beat for the bulls. A convincing break higher will likely yield a quick move to $1,480-$1,482.  

However, the two-way business or indecision signaled by Tuesday’s  candle indicates the bounce from the Nov. 12 low of $1,445 has run out of steam and a pullback, possibly to $1,464, could be in the offing.  

Daily chart

Trend: Bearish

Technical levels