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Bearish Signals Intact

GOLD TECHS
  • RES 4: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 3: $1955.7 - High Sep 21
  • RES 2: $1908.3 - 50-day EMA
  • RES 1: $1905.4 - High Sep 23
  • PRICE: $1893.1 @ 06:56 BST Oct 1
  • SUP 1: $1848.9 - High Sep 24 and the bear trigger
  • SUP 2: $1841.2 - Low Jul 22
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug uptrend
  • SUP 4: $1818.0 - High Jul 8

Gold is unchanged having corrected higher this week. A bearish theme holds though. The metal recently cleared $1906.7, Sep 8 low and $1902.9, Aug 26 low. The break lower signalled the end of the period of consolidation that has dominated recent activity. Last week's key development was the break of primary support at $1863.2, Aug 12 low, confirming a stronger reversal and opening $1841.2 next, Jul 22 low. Resistance is seen at $1905.4.

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