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5th Consecutive Session of Alltime Highs

GOLD TECHS
  • RES 4: $2100.0 - Handle Resistance
  • RES 2: $2078.1 - 5.0% 10-dma Envelope
  • RES 3: $2074.0 - Upper Bollinger Band (2%)
  • RES 1: $2069.8 - High Aug 5 and all-time high
  • PRICE: $2058.0 @ 08:27 BST Aug 7
  • SUP 1: $1939.4 - Low Jul 30
  • SUP 2: $1923.5 - 20-day EMA
  • SUP 3: $1907.0/1899.9 - Low Jul 28 / Low Jul 27
  • SUP 4: $1841.2 - Low Jul 22

Spot gold has hit alltime highs every session this week, a sequence that began on Friday and hasn't extended for this long since 2011. The yellow metal continues to defy gravity, extending the RSI to an eye-watering 89, topping the late July highs and reaching the most technically overbought levels since September 1999. Nonetheless, gold continues to defy these technical indicators, bumping upside targets to the heady heights of $2,100.

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