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Approaching The Bull Trigger

GOLD TECHS
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance
  • RES 1: $2483.7 - High Jul 17 and the bull trigger
  • PRICE: $2462.6 @ 07:18 BST Aug 13
  • SUP 1: $2353.2 - Low Jul 25
  • SUP 2: $2286.9 - Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

Recent weakness in Gold appears to be corrective and the trend structure remains bullish. Note that the yellow metal has recently managed to pierce support at the 50-day EMA - currently at $2383.4. A clear break of this average would signal scope for a deeper retracement towards $2277.4, May 3 low and a key support. For bulls, attention is on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.

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  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance
  • RES 1: $2483.7 - High Jul 17 and the bull trigger
  • PRICE: $2462.6 @ 07:18 BST Aug 13
  • SUP 1: $2353.2 - Low Jul 25
  • SUP 2: $2286.9 - Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

Recent weakness in Gold appears to be corrective and the trend structure remains bullish. Note that the yellow metal has recently managed to pierce support at the 50-day EMA - currently at $2383.4. A clear break of this average would signal scope for a deeper retracement towards $2277.4, May 3 low and a key support. For bulls, attention is on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.