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10 Oct 2019
Gold technical analysis: The metal breaks below the 1,500 handle after US CPI, eyes on trade
- The US Core Consumer Price Index (CPI) came out as expected at 2.4% YoY.
- The metal is breaking below the 1,500 psychological mark as the market is mood is improving.
Gold four-hour chart
The yellow metal is trading below the 100 and 200-day simple moving average (SMA) while challenging the 1,500 mark. A break below $1,500 a troy once can expose the 1,490 swing low. Further weakness below that point can lead to the 1,475 and 1,460 support levels if the sellers gather enough steam. On the flip side, a daily close above 1,510 would be seen as bullish and 1,520 and 1,535 resistances could be back into play.
Additional key levels