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Bear Cycle Still Intact

GOLD TECHS
  • RES 4: $1844.9 - Low Jun 14
  • RES 3: $1834.1 - High Jul 15 and the bull trigger
  • RES 2: $1808.7 - High Sep 14
  • RES 1: $1787.4 - High Sep 22 and key near-term resistance
  • PRICE: $1756.8 @ 07:22 BST Sep 27
  • SUP 1: $1738.0 - Low Sep 23
  • SUP 2: $1724.5 - 76.4% retracement of the Aug 9 - Sep 3 rally
  • SUP 3: $1690.6 - Low Aug 08 and the bear trigger
  • SUP 4: $1678.00 Low Mar 31

Gold traded lower Thursday confirming a print below former support at $1742.3, Sep 20 low. This confirms a resumption of the current short-term bear cycle and signals scope for a move towards $1742.5, the 76.4% retracement of the Aug 9 - Sep 3 rally. A breach of this level would open the key support at $1690.6 further out, Aug 9 low. Initial firm resistance has been defined at $1787.4, Sep 22 high. A break would ease bearish pressure.

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