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GOLD TECHS: Bulls Remain In The Driver’s Seat

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2700.00 Round number resistance   
  • RES 3: $2660.9 - 2.382 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 2: $2642.7 - 2.236 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2631.4 - Intraday high                
  • PRICE: $2629.2 @ 07:15 BST Sep 23
  • SUP 1: 2547.0 - Low Sep 18 
  • SUP 2: $2539.0/2511.1 - 20-day EMA / Low Sep 12  
  • SUP 3: $2484.4 - 50-day EMA
  • SUP 4: $2472.0 - Low Sep  4 and a key support

A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains 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 $2642.7 next, a Fibonacci projection. Firm support lies at $2539.0, the 20-day EMA.

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  • RES 4: $2700.00 Round number resistance   
  • RES 3: $2660.9 - 2.382 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 2: $2642.7 - 2.236 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2631.4 - Intraday high                
  • PRICE: $2629.2 @ 07:15 BST Sep 23
  • SUP 1: 2547.0 - Low Sep 18 
  • SUP 2: $2539.0/2511.1 - 20-day EMA / Low Sep 12  
  • SUP 3: $2484.4 - 50-day EMA
  • SUP 4: $2472.0 - Low Sep  4 and a key support

A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains 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 $2642.7 next, a Fibonacci projection. Firm support lies at $2539.0, the 20-day EMA.