Free Trial

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.

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.