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Bullish Price Structure

GOLD TECHS
  • RES 4: $2253.6 - 1.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2230.1 - 1.50 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2195.2 - High Mar 8
  • PRICE: $2157.6 @ 07:15 GMT Mar 20
  • SUP 1: $2121.3 - 20-day EMA
  • SUP 2: $2088.5 - High Dec 28
  • SUP 3: $2076.2 - 50-day EMA
  • SUP 4: $2016.1 - Low Feb 23

The trend condition in Gold is bullish and the latest pullback is considered corrective and appears to be a bull flag - a continuation pattern. The yellow metal recently cleared $2135.4, the Dec 4 high, to deliver a fresh all-time cycle high. The break reinforces bullish conditions and opens $2206.6, a Fibonacci projection. S/T conditions are overbought, a deeper retracement would allow this set-up to unwind. Firm support is $2121.3, the 20-day EMA.

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