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Choppy, But Remains Bearish

GOLD TECHS

GOLD TECHS:

  • RES 4: $2030.0 - High Aug 11
  • RES 3: $2025.4 - 76.4% retracement of the Aug 7 - 12 sell-off
  • RES 2: $2015.7 - High Aug 18 and key near-term resistance
  • RES 1: $1976.9 - Intraday high
  • PRICE: $1968.7 @ 06:59 BST Aug 31
  • SUP 1: $1902.9 - Low Aug 26
  • SUP 2: $1890.2 - 50-day EMA
  • SUP 3: $1863.2 - Low Aug 12 and the bear trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold traded in a somewhat choppy manner last week. For now, the yellow metal remains vulnerable. The sell-off on Aug 19 has signalled the end of the recent correction between Aug 12 - 18. Also, resistance at $2030.0, Aug 11 high remains intact. In pattern terms, the Aug 19 sell-off is a bearish engulfing candle highlighting a shift in sentiment. If correct, this has exposed key support at $1863.2, Aug 12 low. Firm resistance is at 2015.7, Aug 18 high.

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