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Bullish And Eyeing The Bull Channel Top

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1 2020
  • RES 3: $1980.8 - 2.00 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 2: $1974.3 - High Feb 24
  • RES 1: $1940.1 - Bull channel top drawn from the Aug 9 2021 low
  • PRICE: $1909.0 @ 06:07 GMT Feb 28
  • SUP 1: $1878.4 - Low Feb 24 and key short-term support
  • SUP 2: $1853.9 - High Jan 25
  • SUP 3: $1844.7 - Low Feb 15
  • SUP 4: $1821.1 - Low Feb 11

Volatile price action in Gold last Thursday saw the yellow metal reverse lower from the session high of $1974.3. The outlook is bullish following recent gains. Gold however is back inside its bull channel, drawn from the Aug 9 2021 low. The channel top intersects at $1940.1 today and represents a key S/T resistance. For bears, a breach of Thursday’s $1878.4 low would suggest the tide has turned and would signal scope for a pullback within the channel.

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