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Approaching Key Support

GOLD TECHS
  • RES 4: $1875.7 - High Jan 29 and key near-term resistance
  • RES 3: $1855.5 - High Feb 10
  • RES 2: $1828.3 - 20-day EMA
  • RES 1: $1795.1 - High Feb 17
  • PRICE: $1782.3 @ 07:26 GMT Feb 18
  • SUP 1: $1769.7 - Low Feb 17
  • SUP 2: $1764.8 - Low Nov 30 and a key support
  • SUP 3: $1757.8 - Low Jul 2, 2020
  • SUP 4: $1747.6 - Low Jun 26, 2020

Gold traded below $1810.7 Tuesday, the Feb 12 low and remains heavy. Price traded lower again yesterday and in the process support at $1785.00, Feb 4 low was cleared. This reinforces the current bearish theme with last week's failure at $1855.5, Feb 10 high clearly weighing on the yellow metal. The break lower paves the way for a sell-off towards $1764.8, Nov 30 low. The 20-day EMA at $1828.3 offers initial firm resistance.

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