Free Trial

Downtrend Snaps - For Now

GOLD TECHS
  • RES 4: $1834.4 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1809.6 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4/64.0 - High Jul 13 / 20-day EMA
  • PRICE: $1734.9 @ 14:57 BST Jul 22
  • SUP 1: $1697.7 - Low Jul 14
  • SUP 2: $1690.6 - Low Aug 9 2021
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold bounced solidly off the Thursday low of 1680.99, and is extending gains into the Friday European close. This works against the short-term downtrend that had kept the outlook negative. To cement any further recovery, prices need to take out first resistance at $1745.4, the Jul 13 high. Nonetheless, moving average studies remain in a bear mode condition, highlighting current market sentiment.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.