Free Trial

Bear Cycle Still In Play

GOLD TECHS
  • RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
  • RES 3: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
  • RES 2: $1972.4/1987.5 - High Jul 31 / High Jul 20 and the bull trigger
  • RES 1: $1948.6 - 50-day EMA
  • PRICE: $1931.0 @ 07:13 BST Aug 9
  • SUP 1: $1922.8 - Low Aug 8
  • SUP 2: $1902.8 - Low Jul 6
  • SUP 3: $1893.1 - Jun 29 and the bear trigger
  • SUP 4: $1885.8 - Low Mar 15

Gold remains bearish and the price traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. A continuation lower would signal potential for a move towards the key support at $1893.1, the Jun 29 low. A break of this support would strengthen bearish conditions. Key resistance is at $1987.5, the Jul 20 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.