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Consolidation Mode

GOLD TECHS
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High Feb 25
  • RES 2: $1777.6 - 50-day EMA
  • RES 1: $1755.5 - High Mar 18
  • PRICE: $1733.2 @ 07:08 GMT Mar 25
  • SUP 1: $1719.3 - Low Mar 18
  • SUP 2: $1699.3 - Low Mar 12
  • SUP 3: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold is consolidating with support at $1719.3, Mar 18 low intact. A break lower would signal scope for a deeper pullback and open $1699.3, Mar 12 low and the trigger for a test of key support at $1676.9, Mar 8 low. From a short-term trend perspective, the recovery from $1676.9, Mar 8 low remains intact. Key near-term resistance and the bull trigger is at $1755.5, Mar 18 high. A break would open $1779.3, the 50-day EMA.

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