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  • Gold is consolidating the recent rally of the last months while trading below the 1,500 mark.  
  • Gold is under pressure below the 1,490 resistance and the 50-day SMA.  

Gold daily chart

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

Gold four-hour chart

The yellow metal is trading below the main simple moving averages (SMAs)  and below the 1,500 mark; all-in-all suggesting a bearish bias in the medium term. The break below $1,490 a troy once can expose the 1,475/1,460 support zone.
 On the flip side, a daily close above 1,500 figure could lead to a correction towards the 1,510/1,520 resistance zone.


Additional key levels