Free Trial

Bear Flag Formation Confirmed

GOLD TECHS
  • RES 4: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 3: $1877.7 - High Jun 14
  • RES 2: $1825.4 - High Jun 17
  • RES 1: $1795.0/1818.7 - High Jun 23 / High 20-day EMA
  • PRICE: $1757.1 @ 14:34 BST Jun 29
  • SUP 1: $1750.8 - Intraday low
  • SUP 2: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 3: $1723.8 - Low Apr 13
  • SUP 4: $1700.00 - Round number support

Gold has broken lower and cleared support at $1761.1, Jun 18 low. The break lower confirms a resumption of the downtrend that started Jun 1 and note the move lower has confirmed the bear flag that developed during the most recent consolidation phase. This opens $1733.5, a Fibonacci retracement ahead of $1723.8, Apr 13 low. On the upside, initial resistance has been defined at $1795.00, Jun 23 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.