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50-Day EMA Remains Intact

GOLD TECHS
  • RES 4: $1863.3 - High Jun 16
  • RES 3: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 2: $1834.1 - High Jul 15 and the bull trigger
  • RES 1: $1797.1 - 50-day EMA
  • PRICE: $1787.2 @ 07:17 BST Aug 20
  • SUP 1: $1751.7 - Low Aug 13
  • SUP 2: $1717.8 - Low Aug 10
  • SUP 3: $1690.6 - Low Aug 08 and the bear trigger
  • SUP 4: $1689.9 - 61.8% retracement of the 2020 Range

Gold is consolidating and remains closer to recent highs. The yellow metal has this week traded through the 20-day EMA and sights are set on the 50-day EMA that intersects at $1797.1 today. A breach of this average would strengthen a bullish chase and suggest scope for gains towards the key resistance at $1834.1, the Jul 15 high. On the downside, initial support is seen at $1751.7, the Aug 13 low.

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