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Approaching Key Resistance

GOLD TECHS
  • RES 4: $1877.7 - High Jun 14
  • RES 3: $1863.3 - High Jun 16 and 76.4% of the Jun 1 - Aug 9 sell-off
  • RES 2: $1844.9 - Low Jun 14
  • RES 1: $1834.1 - High Jul 15 and the bull trigger
  • PRICE: $1827.5 @ 07:20 BST Sep 6
  • SUP 1: $1801.81774.5 - Low Aug 31 / Low Aug 19
  • SUP 2: $1751.7 - Low Aug 13
  • SUP 3: $1717.8 - Low Aug 10
  • SUP 4: $1690.6 - Low Aug 08 and the bear trigger

Gold traded higher Friday and maintains a bullish tone. The yellow metal recently cleared its 50-day EMA. The move above this average confirms a resumption of the upleg from Aug 9 and signals scope for a test of resistance at $1834.1, Jul 15 high and a bull trigger. A break would strengthen the current bullish theme. On the downside, initial firm support is unchanged at $1774.5, Aug 19 low. A break would signal a short-term reversal.

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