Free Trial

Bear Leg Extends

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: $1760.9/87.4 - High Sep 27 / High Sep 22 and key resistance
  • PRICE: $1729.8 @ 07:25 BST Sep 30
  • SUP 1: $1721.7 - Low Sep 29
  • SUP 2: $1717.8 - Low Aug 10
  • SUP 3: $1690.6 - Low Aug 08 and the bear trigger
  • SUP 4: $1678.00 Low Mar 31

Gold remained weaker and traded lower once again yesterday. This confirms a resumption of the current bear phase that started Sep 3. The yellow metal has breached $1724.5, 76.4% of the Aug 9 - Sep 3 rally. The break of this level strengthens a bearish case and opens the key support at $1690.6, Aug 9 low. Initial firm resistance has been defined at $1760.9, Sep 27 high. A breach would ease bearish pressure.

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.