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Bullish Trend 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: $2179.5 @ 07:17 GMT Mar 11
  • SUP 1: $2123.8/2088.5 - Low Mar 6 / High Dec 28
  • SUP 2: $2078.6 - 20-day EMA
  • SUP 3: $2047.8 - 50-day EMA
  • SUP 4: $1984.3 Low Feb 14

Gold remains firm on the back of its latest rally. The yellow metal last week traded above resistance at $2135.4, the Dec 4 high to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for a climb towards $2206.6 next, a Fibonacci projection. Short-term conditions are overbought, however, this does not appear to be a concern for bulls - for now. Initial firm support lies at $2088.5, the Dec 28 high.

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