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Approaching The All-Time High

GOLD TECHS
  • RES 4: $2119.3 - 3.382 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 2: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 1: $2070.4 - High Mar 8
  • PRICE: $2044.10 @ 07:27 GMT Mar 9
  • SUP 1: $1981.2 - Low Mar 8
  • SUP 2: $1929.9 - Low Mar 4
  • SUP 3: $1878.4 - Low Feb 24 and key short-term support
  • SUP 4: $1853.9 - High Jan 25

Gold traded higher yesterday, reinforcing bullish conditions. The metal has cleared the Feb 24 high of $1974.3. This confirmed a resumption of the uptrend and also highlights the fact that prices have breached the top of the recent bull channel, drawn from the Aug 9 2021 low. With price above the $2000.0 handle, the focus is on $2075.5, the Aug 7 2020 major resistance and all-time high. Initial support is seen at yesterday’s $1981.2 low.

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