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29 Nov 2019
Gold Technical Analysis: Metal rebounds sharply from daily lows, nearing $1465/oz
- The yellow metal erases daily losses and bounces from the November low.
- The market is approaching the 1465 level, which is an important resistance.
Gold daily chart
On the daily chart, gold stays under mild selling pressure near the November lows while trading below the 1465 resistance level and the 50/100 SMAs. However, the bears need a break below the 1445 swing low on a daily closing basis to drive the market towards the 1400 figure near the 200-day SMA.
Gold four-hour chart
The market is rebounding while staying below the 1465 resistance and the main SMAs. If the market fades the 1465 level then a retest of the 1445 support remains on the sellers’ radar in the medium term.
Alternatively, a breakout above the 1465 level can expose the 1480 resistance on the way up.
Additional key levels