Gold Price Analysis: remains near $1,500

October 7, 2019

London (Oct 7)  Gold has remained near previous levels, as it failed to pass the resistance of the 1,515.00 level on Friday. The failure was attributed to the release of US Employment data on Friday, which strengthened the US Dollar. 

In regards to the near term future, the commodity price is set to test the support of the 100 and 200-hour simple moving averages and the monthly pivot point. The price would reach these technical levels near the 1,500.00 mark.

If these levels get passed, the metal would have no technical support as low as 1,463.00. On the other hand, a rebound would first test the 55-hour SMA at 1,505.00 and afterwards the 1,515.00 and 1,520.00 levels.


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