Current Uptrend Remains Intact

• RES 4: $1999.6 - Low May 5
• RES 3: $1987.5 - High Jul 20 and a key resistance
• RES 2: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
• RES 1: $1953.0 - High Sep 4
• PRICE: $1946.1 @ 07:20 BST Sep 4
• SUP 1: $1924.3 - 20-day EMA
• SUP 2: $1903.9/1884.9 - Low Aug 25 / 21 and the bear trigger
• SUP 3: $1871.6 - Low Mar 13
• SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

A bull cycle in Gold remains in play and the yellow metal last week breached resistance at the 50-day EMA - at $1931.8. This strengthens the current upleg and signals scope for a stronger recovery. Attention is on $1948.3, 61.8% of the Jul 20 - Aug 21 bear leg. It has been pierced, a clear break would open $1963.3, the 76.4% retracement. On the downside, initial firm support lies at $1903.9, the Aug 25 low.