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Bullish But Overbought

GOLD TECHS
  • RES 4: $1921.1 - Sep 2001 all-time high
  • RES 3: $1908.0 - 2.764 projection of
  • RES 2: $1900.0 - Psychological round number
  • RES 1: $1898.3 - Jul 23 high
  • PRICE: $1885.1 @ 07:00 BST Jul 24
  • SUP 1: $1863.8 - Low Jul 23
  • SUP 2: $1841.2 - Low Jul 22
  • SUP 3: $1815.8 - Low Jul 21
  • SUP 4: $1809.0 - 20-day EMA

Gold maintains a bullish tone. The metal extended gains yesterday and
traded just short of the psychological $1900.00 handle. Attention is
on the all-time high of $1921.2, Sep, 2011 high. This week's strong impulsive
gains have reinforced the underlying bullish sentiment in the metal although it
is worth noting that trend conditions are in quite an extreme overbought
condition. Initial support to watch lies at $1863.80, yesterday's low.

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