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22 Nov 2019
Gold Technical Analysis: Yellow metal ends the week near 2-month lows
- Gold is under pressure below the 1480 resistance level.
- The level to beat for bears is the 1445 swing low.
Gold weekly chart
Gold is ending the week near its lowest point in 2-months while trading above its main SMAs on the weekly chart.
Gold daily chart
On the daily time frame, The precious metal is trading in a bull flag, making lower lows and lower highs while trading below the 50 and 100-day simple moving averages (DMAs). This week the 1480 resistance and the 100 SMA capped the upside.
The bears are likely looking for a break below the 1445 swing low. If the breakdown is successful, the next main support on the way down is likely the 1400 handle.
On the flip side, if the market breaks beyond the 1480 level, gold could attract further buying interest towards the 1520 level.
Additional key levels