Gold technical analysis: $1,475 continues to cap upside

Gold is struggling to beat the newfound resistance at $1,475.
The daily chart shows the recent bounce has run out of steam.

Omkar Godbole FXStreet Contributor

Gold is again having a tough time scaling $1,475 in a convincing manner.

The yellow metal is currently trading at $1,473 per Oz, having hit a high of $1,475.25 an hour ago. Notably, $1,475 capped upside on Monday, Tuesday and also on Nov. 14.

As a result, it is the level to beat for the bulls. A convincing break higher will likely yield a quick move to $1,480-$1,482.

However, the two-way business or indecision signaled by Tuesday's candle indicates the bounce from the Nov. 12 low of $1,445 has run out of steam and a pullback, possibly to $1,464, could be in the offing.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1474.11
Today Daily Change	1.62
Today Daily Change %	0.11
Today daily open	1472.49

Trends
Daily SMA20	1483.7
Daily SMA50	1491.93
Daily SMA100	1480.71
Daily SMA200	1395.85

Levels
Previous Daily High	1475.43
Previous Daily Low	1465.08
Previous Weekly High	1474.6
Previous Weekly Low	1445.8
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1471.47
Daily Fibonacci 61.8%	1469.03
Daily Pivot Point S1	1466.57
Daily Pivot Point S2	1460.64
Daily Pivot Point S3	1456.21
Daily Pivot Point R1	1476.92
Daily Pivot Point R2	1481.35
Daily Pivot Point R3	1487.28

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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