Free Trial

Correcting *RES 4: $1738.3 - 1.236.......>

GOLD TECHS
GOLD TECHS: Correcting
*RES 4: $1738.3 - 1.236 projection of Feb 5 - Feb 25 rally from Feb 28 low
*RES 3: $1704.8 - 1.00 projection of Feb 5 - Feb 25 rally from Feb 28 low
*RES 2: $1703.4 - High Mar 9 and bull trigger
*RES 1: $1671.3 - High Mar 11
*PRICE: $1637.0 @ 06:59 GMT Mar 12
*SUP 1: $1616.7 - 61.8% retracement of the Feb 28 - Mar 9 rally
*SUP 1: $1591.5 - 50-day EMA
*SUP 3: $1575.4 - Mar 2 low
*SUP 4: $1563.1 - Low Feb 28 and key support
Gold traded to a high of $1703.4 Monday. Price is off the high, the pullback is
likely corrective though. The metal recently traded down to a key area of
support at the 50-day EMA, an average used to assess trend direction. With a
positive slope, it suggests the underlying direction is up. The sharp rally off
the average early March confirmed a resumption of the bull trend that began off
the Nov lows. The focus is on $1704.8 and $1738.3 next. $1616.7 is next support.

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.