Free Trial

Bears Remain In the Driver’s Seat

GOLD TECHS
  • RES 4: $1966.0 - High Aug 1
  • RES 3: $1953.0 - High Sep 1 and key resistance
  • RES 2: $1922.0 - 50-day EMA
  • RES 1: $1884.9/1903.9 - Low Aug 21 / High Sep 27
  • PRICE: $1868.1 @ 07:16 BST Sep 29
  • SUP 1: $1857.8 - Low Sep 28
  • SUP 2: $1839.0 - 50.0 retracement of the Sep 28 ‘22 - May 4 bull leg
  • SUP 3: $1827.8 - Low Mar 10
  • SUP 4: $1804.9- Low Feb 28 and a key resistance

Gold sold off sharply this week, reinforcing bearish conditions. The move lower has resulted in a break of support at $1901.10 and this has been followed by a move through $1884.9, the Aug 21 low. A resumption of the downtrend that started off the early May high has been confirmed. Attention turns to $1839.0, a Fibonacci retracement point. On the upside, initial firm resistance is at yesterday’s high of $1903.9.

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.