Gold technical analysis: Yellow metal off multi-year highs, challenging 1,530.00 support

Gold is retreating this Monday on the back of easing trade tensions between the US and China.
The level to beat for sellers is $1,530.00/oz and 1,510.00 support.

Flavio Tosti Independent Analyst

Gold daily chart

Gold is off multi-year highs after peaking at 1,554.63 earlier this Monday. Both China and the US appear willing to negotiate, therefore decreasing the demand for the safe-haven non-yielding asset.

Gold 4-hour chart

The yellow metal closed the weekly gap as the market is hovering near 1,530.00. Bulls would need to defend this level to create a potential move up towards 1,550.00 resistance.

Gold 30-minute chart

Gold is challenging the 1,530.00 support and the 50 SMA. If the sellers keep the pressure on the metal, the market could reach 1,510.00 and 1,490.00 to the downside.

Additional key levels

XAU/USD

Overview
Today last price	1530
Today Daily Change	3.30
Today Daily Change %	0.22
Today daily open	1526.7

Trends
Daily SMA20	1484.52
Daily SMA50	1437.72
Daily SMA100	1365.9
Daily SMA200	1324.62

Levels
Previous Daily High	1530.05
Previous Daily Low	1493.65
Previous Weekly High	1530.05
Previous Weekly Low	1492.65
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1516.15
Daily Fibonacci 61.8%	1507.55
Daily Pivot Point S1	1503.55
Daily Pivot Point S2	1480.4
Daily Pivot Point S3	1467.15
Daily Pivot Point R1	1539.95
Daily Pivot Point R2	1553.2
Daily Pivot Point R3	1576.35

Author

Flavio Tosti

Independent Analyst

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