Free Trial

50-day EMA Remains Exposed

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9, 2020
  • RES 3: $1959.4 - High Jan 6 and key resistance
  • RES 2: $1927.7 - High Jan 7
  • RES 1: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • PRICE: $1868.5 07:18 BST Jun 15
  • SUP 1: $1844.9 - Low Jun 14
  • SUP 2: $1842.6 - 50-day EMA
  • SUP 3: $1808.9 - Low May 13
  • SUP 4: $1785.1 - Low May 6

Gold traded lower yesterday, extending Friday's sell-off. The yellow metal traded through $1856.2, Jun 4 low. The break strengthens a short-term bearish case exposing the 50-day EMA at $1842.6. The 50-day EMA also represents a strong area of trend support. For bulls, yesterday's rebound does highlight some short-term bullish signals. The yellow metal will need to extend the rebound to suggest a base has instead been established.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.