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Fails To Challenge Key Resistance

GOLD TECHS
  • RES 4: $1877.7 - High Jun 14
  • RES 3: $1863.3 - High Jun 16 and 76.4% of the Jun 1 - Aug 9 sell-off
  • RES 2: $1844.9 - Low Jun 14
  • RES 1: $1834.1 - High Jul 15 and the bull trigger
  • PRICE: $1796.9 @ 07:14 BST Sep 8
  • SUP 1: $1792.5/1774.5 - Low Sep 7 / Low Aug 19
  • SUP 2: $1751.7 - Low Aug 13
  • SUP 3: $1717.8 - Low Aug 10
  • SUP 4: $1690.6 - Low Aug 08 and the bear trigger

Gold traded lower yesterday and the metal has so far failed to tackle resistance at $1834.1, Jul 15 high and a bull trigger. A break higher would strengthen the current bullish theme and pave the way for a climb towards $1863.3, a Fibonacci retracement. On the downside, initial firm support is unchanged at $1774.5, Aug 19 low. A breach of this level would signal a short-term reversal.

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