Free Trial

Corrective Cycle Still In Play

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1882.0 - 50-day EMA
  • RES 1: $1869.7 - High May 24
  • PRICE: $1855.2 @ 07:20 BST May 27
  • SUP 1: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold maintains a firmer short-term tone and is trading closer to its recent highs. The yellow metal has this week traded above resistance at $1858.3, the 20-day EMA. This suggests potential for a test of the 50-day EMA at $1882.0. Gains are still considered corrective though and the primary trend direction is down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16).

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.