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Gold technical analysis: The yellow metal is at the edge of a cliff

FX Street
Updated:
  • Gold ends the week on its lows as the market is off the 2019 highs.
  • The level to beat for bears is the 1,485 support level.
 

Gold daily chart

 
The yellow metal is trading in a bull trend above its main daily simple moving averages (SMAs). The market is challenging the 1,485 support above the 50 SMA. A break below the level can open the doors to a selloff towards the 1,400 figure.  
 
The first level of resistance is likely the 1,520.00 resistance followed by 1,560 near the 2019 high.

Additional key levels

 

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