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Bounce Likely A Correction

GOLD TECHS
  • RES 4: $1831.4 - 50-day EMA
  • RES 3: $1816.0 - High Feb 23
  • RES 2: $1804.5 - 20-day EMA
  • RES 1: $1775.9 - High Feb 26
  • PRICE: $1755.5 @ 07:08 GMT Mar 1
  • SUP 1: $1733.1 - Intraday low
  • SUP 2: $1700.0 - Round number support
  • SUP 3: $1689.9 - 61.8% retracement of the Mar - Aug 2020 rally
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold remains in a clear downtrend following last week's sharp sell-off that saw the yellow metal trade through support at $1760.67, Feb 19 low. This confirms a resumption of the broader downtrend that has been in place since the reversal in August 2020. The focus is on the $1700.0 level next. MA studies are also in a bear mode highlighting the current path of least resistance. Initial resistance is seen at $1775.9, Friday's high.

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