August 29, 2024 06:22 GMT
GOLD TECHS: Bulls Remain In The Driver’s Seat
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: $2520.5 @ 07:21 BST Aug 29
- SUP 1: $2475.3 - 20-day EMA
- SUP 2: $2427.3/2353.2 50-day EMA / Low Jul 25
- SUP 3: $2286.9 - Low Jun 7
- SUP 4: $2277.4 - Low May 3 and a pivot support
Trend conditions in Gold are unchanged and remain bullish. The recent breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies are still in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2475.3, the 20-day EMA. Short-term weakness would be considered corrective.
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