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GOLD TECHS: Bulls Remain In The Driver’s Seat

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: $2666.1 @ 07:24 BST Oct 4
  • SUP 1: $2624.8 - Low Sep 30 
  • SUP 2: $2607.8 - 20-day EMA 
  • SUP 3: $2547.0 - Low Sep 18 
  • SUP 4: $2535.8 - 50-day EMA

Gold is in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. 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 too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2607.8, 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: $2666.1 @ 07:24 BST Oct 4
  • SUP 1: $2624.8 - Low Sep 30 
  • SUP 2: $2607.8 - 20-day EMA 
  • SUP 3: $2547.0 - Low Sep 18 
  • SUP 4: $2535.8 - 50-day EMA

Gold is in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. 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 too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2607.8, the 20-day EMA.