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Bear Trigger Exposed

GOLD TECHS
  • RES 4: $1900.0 - Round number resistance
  • RES 3: $1890.2 - High Feb 9
  • RES 2: $1870.5 - High Feb 14
  • RES 1: $1858.3 - High Mar 6 and key short-term resistance
  • PRICE: $1813.2 @ 07:13 GMT Mar 9
  • SUP 1: $1804.9 - Low Feb 28 and the bear trigger
  • SUP 2: $1791.5 - 2.0% 10-dma envelope
  • SUP 3: $1787.3 - 50.0% retracement of the Sep 28 - Feb 2 bull leg
  • SUP 4: $1774.0 - Low Dec 15

Trend conditions in Gold remain bearish and Tuesday’s strong sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce and attention is on support and the bear trigger, at $1804.9. A break of this level would confirm a resumption of the downtrend and open $1787.3, a Fibonacci retracement. The yellow metal needs to breach $1858.3, the Mar 6 high, to signal scope for a stronger reversal.

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