Free Trial

Close Above 21-DMA To Ease Bearish.......>

GOLD TECHS
GOLD TECHS: Close Above 21-DMA To Ease Bearish Pressure
*RES 4: $1367.3 - Monthly High Aug 2 2016 
*RES 3: $1361.7 - High Feb 16 
*RES 2: $1351.3 - High Feb 19 
*RES 1: $1335.0 - 21-DMA
*PRICE: $1328.8 @ 2030GMT
*SUP 1: $1319.4 - Low Feb 14 
*SUP 2: $1313.3 - 55-DMA 
*SUP 3: $1305.9 - Low Jan 4 
*SUP 4: $1302.5 - Low Jan 2
*COMMENTARY: Topside hesitation ahead of 2018 highs ($1366.0) & the 2016 high
resulted in breaks of key supports with bears focused on $1298.5-1313.3 where 55
& 100-DMAs are situated. Bears look for a close below the 100-DMA to hint at a
move targeting 2018 lows ($1236.5) with below the 200-DMA ($1285.6) to confirm.
Bulls need a close above the 21-DMA to ease bearish pressure and above $1251.3
to return focus to $1367.3-1374.9.

To read the full story

Close

Why MNI

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.