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GOLD TECHS: Northbound

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2660.9 - 2.382 proj of the Jul 25 - Aug 2 - Aug 5 price swing   
  • RES 3: $2642.7 - 2.236 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 2: $2613.3.0 - 2.00 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2600.0 - Round number resistance                 
  • PRICE: $2588.2 @ 07:05 BST Sep 16
  • SUP 1: 2556.78 - Low Sep 13 
  • SUP 2: $2508.5/2472.0 - 20-day EMA / Low Sep  4
  • SUP 3: $2462.2 - 50-day EMA
  • SUP 4: $2417.0 - Low Sep 8

A bullish structure in Gold remains intact and the metal is starting the week on a firm note, trading once again, to a fresh all-time high. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2600.0 next. Firm support lies at $2508.5, the 20-day EMA.

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  • RES 4: $2660.9 - 2.382 proj of the Jul 25 - Aug 2 - Aug 5 price swing   
  • RES 3: $2642.7 - 2.236 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 2: $2613.3.0 - 2.00 proj of the Jul 25 - Aug 2 - Aug 5 price swing
  • RES 1: $2600.0 - Round number resistance                 
  • PRICE: $2588.2 @ 07:05 BST Sep 16
  • SUP 1: 2556.78 - Low Sep 13 
  • SUP 2: $2508.5/2472.0 - 20-day EMA / Low Sep  4
  • SUP 3: $2462.2 - 50-day EMA
  • SUP 4: $2417.0 - Low Sep 8

A bullish structure in Gold remains intact and the metal is starting the week on a firm note, trading once again, to a fresh all-time high. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2600.0 next. Firm support lies at $2508.5, the 20-day EMA.