Free Trial

GOLD TECHS: Bulls Pause For Breath

GOLD TECHS
  • RES 4: $2600.0 - Round number resistance    
  • RES 3: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 ‘23 price swing
  • RES 2: $2536.4 - 1.50 proj of the Jul 25 - Aug 2 - Aug 5 price swing 
  • RES 1: $2531.8 - High Aug 20                 
  • PRICE: $2491.1 @ 07:26 BST Sep 4
  • SUP 1: $2484.5/2473.5 - 20-day EMA / Low Sep 3 
  • SUP 2: $2438.6 50-day EMA 
  • SUP 3: $2417.0 - Low Sep 8 
  • SUP 4: $2364.4 - Low Aug 5 

The trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would  be considered corrective.

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.