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Focus Is On Resistance

GOLD
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High Feb 25
  • RES 2: $1775.9 - High Feb 26
  • RES 1: $1756.9/58.8 - 50-day EMA / High Apr 8
  • PRICE: $1742.5 @ 07:17 BST Apr 15
  • SUP 1: $1721.4 - Low Apr 5
  • SUP 2: $1705.9 - Low Apr 1
  • SUP 3: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold is consolidating and remains below recent highs. Resistance is at $1758.8, Apr 8 high where a break is required to strengthen a bullish case and note, this would also highlight a break of the 50-day EMA. While the resistance holds, attention is on initial support at $1721.4, Apr 5 low. Clearance of this level would suggest scope for weakness towards the key support at $1676.9, Mar 8 low.

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