Free Trial

Challenging The 50-Day EMA

  • RES 4: $1900.0 - Round number resistance
  • RES 3: $1890.2 - High Feb 9
  • RES 2: $1870.5 - High Feb 14
  • RES 1: $1849.3 - Intraday high
  • PRICE: $1847.9 @ 14:06 GMT Mar 3
  • SUP 1: $1804.9 - Low Feb 28
  • SUP 2: $1792.9 - 2.0% 10-dma envelope
  • SUP 3: $1787.3 - 50.0% retracement of the Sep 28 - Feb 2 bull leg
  • SUP 4: $1774.0 - Low Dec 15

Trend conditions in Gold remain bearish, however, the metal is trading higher today and has pierced resistance at $1846.0, the 50-day EMA. A clear break of this hurdle would strengthen short-term bullish conditions and signal scope for an extension - this would open $1870.5, the Feb 14 high. On the downside, key short-term support has been defined at $1804.9, the Feb 28 low. A break would resume recent bearish activity.

To read the full story



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.