Free Trial

Bearish Theme Remains Intact

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: $1701.7 @ 07:10 GMT Mar 8
  • SUP 1: $1687.3 - Low Mar 5
  • 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 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. Last week's extension lower reinforces bearish conditions with $1700.0 probed and under pressure. Moving average studies are also in a bear mode highlighting the path of least resistance. Initial firm resistance is $1740.7, Mar 3 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.