Gold Technical Analysis: Yellow metal recovering but not out of the woods

Gold is gaining steam for the third consecutive day.
The market needs to overcome the 1475 resistance.

Gold daily chart

The yellow metal is trading in a bull flag, making lower lows and lower highs as it trading below the 50 and 100-day simple moving averages (DMAs).

Gold four-hour chart

Gold is challenging the 1475 resistance and the 50 SMA on the four-hour chart. This is a key level to break for a potential move higher towards the 1490/1500 resistance zone. A rejection at 1475 would likely lead to a retest of the 1460 and 1450 support levels.

Additional key levels

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