MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

50-Day EMA Remains Exposed

GOLD TECHS
  • RES 4: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 2: $2009.2/2070.4 - High Mar 10 / High Mar 8
  • RES 1: $1966.1 - High Mar 24
  • PRICE: $1923.7 @ 07:19 GMT Mar 29
  • SUP 1: $1902.7/1895.3 - 50-day EMA / Low Mar 16
  • SUP 2: $1878.4 - Low Feb 24 and key short-term support
  • SUP 3: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 4: $1821.1 - Low Feb 11

Gold traded low Monday. The outlook remains bearish following the recent pullback from the Mar 8 high of $2070.4. The move lower is allowing a recent overbought condition to unwind. Key support is seen at the 50-day EMA that intersects at $1902.7 - just ahead of the Mar 15 low of $1895.3. A break of the 50-day average would signal scope for a deeper pullback. Firm short-term resistance is seen at $2009.2, Mar 10 high. Initial resistance is at $1966.1.

Energy BulletsCommodities
Energy BulletsCommodities

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.