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Bullish Conditions Intact

GOLD TECHS
  • RES 4: $1818.1 - 50.0% retracement of the Jan 6 - Mar 8 sell-off
  • RES 3: $1816.0 - High Feb 23
  • RES 2: $1805.7 - High Feb 25
  • RES 1: $1797.9 - High Apr 22
  • PRICE: $1779.3 @ 07:13 BST Apr 24
  • SUP 1: $1762.1 - 50-day EMA
  • SUP 2: $1721.4 - Low Apr 5 and key near-term support
  • SUP 3: $1705.9 - Low Apr 1
  • SUP 4: $1676.9 - Low Mar 8 and the bear trigger

The Gold outlook remains bullish and is trading closer to recent highs. The yellow metal recently cleared resistance at $1758.8, Apr 8 high and remains above the 50-day EMA. Furthermore, the recent break higher confirmed a double bottom reversal that had formed since the Mar 8 low. Attention is on $1805.7, Feb 25 high. On the downside, key short-term support has been defined at $1721.4, Apr 5 low. Initial support is at $1762.1.

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