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GOLD TECHS: Bull Cycle Intact

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2708.4 - 2.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing   
  • RES 3: $2697.9 - 3.0% 10-dma envelope
  • RES 2: $2690.2 - 2.618 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2685.6 - High Sep 26
  • PRICE: $2565.5 @ 07:22 BST Sep 30
  • SUP 1: $2622.7 - Low Sep 24 
  • SUP 2: $2585.1/2511.1 - 20-day EMA / Low Sep 12  
  • SUP 3: $2547.0 - Low Sep 18 
  • SUP 4: $2515.4 - 50-day EMA

Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2585.1, the 20-day EMA.

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  • RES 4: $2708.4 - 2.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing   
  • RES 3: $2697.9 - 3.0% 10-dma envelope
  • RES 2: $2690.2 - 2.618 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2685.6 - High Sep 26
  • PRICE: $2565.5 @ 07:22 BST Sep 30
  • SUP 1: $2622.7 - Low Sep 24 
  • SUP 2: $2585.1/2511.1 - 20-day EMA / Low Sep 12  
  • SUP 3: $2547.0 - Low Sep 18 
  • SUP 4: $2515.4 - 50-day EMA

Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2585.1, the 20-day EMA.