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Bullish Focus

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: $1799.1 - High May 4
  • PRICE: $1792.7 @ 07:05 BST May 6
  • SUP 1: $1756.2 - Low Apr 29 and key near-term support
  • SUP 2: $1734.5 - Low Apr 15
  • SUP 3: $1721.4 - Low Apr 5
  • SUP 4: $1705.9 - Low Apr 1

Gold remains above support and underlying conditions are bullish. The yellow metal has defined a key short-term support at $1756.2 on Apr 29. Attention is on the key resistance at $1797.9, Apr 22 high. This level has been probed this week and a clear break would confirm a resumption of recent gains and open $1805.7, Feb 25 high. For bears, a break of $1756.2 would instead signal scope for a deeper pullback.

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