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GOLD TECHS: Corrective Pullback

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: $2720.5 - 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 and the bull trigger
  • PRICE: $2615.5 @ 07:25 BST Oct 10
  • SUP 1: $2614.9/2604.9 - 20-day EMA / Low Oct 8 
  • SUP 2: $2584.9 - Low Sep 20
  • SUP 3: $2548.8 - 50-day EMA
  • SUP 4: $2531.8 - High Aug 20 

The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2614.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.         

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  • RES 4: $2708.4 - 2.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing   
  • RES 3: $2720.5 - 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 and the bull trigger
  • PRICE: $2615.5 @ 07:25 BST Oct 10
  • SUP 1: $2614.9/2604.9 - 20-day EMA / Low Oct 8 
  • SUP 2: $2584.9 - Low Sep 20
  • SUP 3: $2548.8 - 50-day EMA
  • SUP 4: $2531.8 - High Aug 20 

The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2614.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.