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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.
GOLD TECHS
Gold remains in a clear downtrend however yesterday's price action suggests that the yellow metal may have found a base.
- In pattern terms, yesterday is a bullish engulfing candle. If correct, it signals scope for a short-term correction / recovery.
- The pattern is significant because it has occurred at the base of a broad bear channel drawn off the Aug 7, 2020 high.
- Note too that the trend condition is overbought. This highlights the potential significance of yesterday's pattern, as a short-term reversal signal.
- Key support has been defined at $1676.9, Monday's low.
- A climb would, as a first objective, open the 20-day EMA at $1756.1. The 50-day EMA is at $1801.7.
- A bearish break of $1676.9 negates the above set-up and resumes the downtrend instead.
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.
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