Gold Prices Upside Capped by Resistance at $1,476

Gold prices attempt to recover some of yesterday’s losses amid conflicting headlines from the trade talks between China and USA.  US Senate passed two legislations supporting the Hong Kong protesters earlier this week. Traders today will focus on the PMI’s releases from the USA and Eurozone.

The Fed policy meeting minutes added nothing new about the next monetary policy move, and ow analysts expect the Fed to keep rates unchanged in the December meeting.

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Gold Technical Outlook

The gold prices in dollar yesterday closed to daily low after the precious metal failed to pierce the resistance at $1,476 area. Gold failed to capitalise the mixed signals out of the trade talks and the up moves meet strong supply at the $1,476 mark.

Today’s upside positive move will get pressure at $1,468.24 the daily top, a break above that level will open te way for one more test of the $1,476 mark. In case of a break above the next target will be the 100-day moving average at $1,481.

On the downside gold immediate support stands at $1,463.36 session’s low while the low from November 18th at 1,458 will provide a barrier to the downside. Bears will confirm the downtrend if gold breaks below 1,458, that will push the price down to $1,445 the low from November 12th.More content