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Bullish Cycle Still In Play

GOLD TECHS
  • RES 4: $1863.3 - High Jun 16
  • RES 3: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 2: $1834.1 - High Jul 15 and the bull trigger
  • RES 1: $1823.3 - High Aug 30
  • PRICE: $1817.2 @ 07:18 BST Aug 31
  • SUP 1: $1774.5 - Low Aug 19
  • SUP 2: $1751.7 - Low Aug 13
  • SUP 3: $1717.8 - Low Aug 10
  • SUP 4: $1690.6 - Low Aug 08 and the bear trigger

Gold maintains a bullish tone. The yellow metal traded higher yesterday and remains above its 50-day EMA. The recent break above the average confirms a resumption of the upleg that started Aug 9. This signals scope for a climb towards resistance at $1834.1, Jul 15 high and a bull trigger. On the downside, initial support has been defined at $1774.5, Aug 19 low. A move below this support would be bearish and signal a short-term reversal.

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