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Bearish Extension

GOLD TECHS
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High feb 25
  • RES 2: $1760.7/75.9 - Low Feb 19 / High Feb 26
  • RES 1: $1740.7 - High Mar 3
  • PRICE: $1698.7 @ 07:20 GMT Mar 5
  • SUP 1: $1687.3 - Intraday low
  • SUP 2: $1671.0 - Low Jun 5, 2020
  • SUP 3: $1659.6 - Low Apr 21, 2020
  • SUP 4: $1640.9 - Low Apr 8, 2020

Gold remains in a clear downtrend and continues to trend lower with the recent breach of $1760.67, Feb 19 low weighing on the yellow metal. The break confirmed a resumption of the broader downtrend that started in August 2020. This week's extension lower reinforces bearish conditions with $1700.0 cleared. MA studies are also in a bear mode highlighting the path of least resistance. Initial firm resistance is $1740.7, Mar 3 high.

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