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Bullish Short-Term Set-Up

GOLD TECHS
  • RES 4: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2450.1 - High May 20 and the bull trigger
  • RES 1: $2424.6 - High Jul 11
  • PRICE: $2404.1 @ 07:31 BST Jul 12
  • SUP 1: $2332.8/2286.9 - 50-day EMA / Low Jun 7
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold remains constructive and Thursday's rally reinforces short-term bullish conditions. Recent gains have resulted in a breach of $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break represents a bullish development that opens the key resistance at $2450.1, May 20 high. Initial support to watch lies at the 50-day EMA, at 2332.8. A clear break of this average would alter the picture and expose $2277.4, May 3 low.

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