Gold technical analysis: Gold struggles to reach the 1,500 handle

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  • Gold is consolidating the rally of the last months while currently hovering below the 1,500 psychological mark. 
  • Gold remains under pressure below both the 1,5000 level and the 50-day SMA. 
 

Gold daily chart

 
The yellow metal is trading in a bull trend above its 100 and 200-day simple moving averages (DSMAs). However, in the last weeks of trading, the safe-haven metal has been consolidating near $1,500 per troy ounce and below its 50 SMA on the daily chart.

Gold four-hour chart

 
Gold is trading below its 100 and 200 simple moving averages (SMAs) on the four-hour chart while remaining confined under the 1,500 psychological mark. The bias seems to be tilted to the downside in the medium term. A break below 1,475 can expose the 1,460 and 1,420 support levels.
 
On the flip side, a daily closing above the 1,500 figure could trigger a correction towards the 1,510/1,520 resistance zone.

 

Additional key levels

 

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