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GOLD TECHS: Off Highs, But M/T Outlook Still Bullish

GOLD TECHS
  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing   
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance 
  • RES 1: $2483.8 - High Jul 17                 
  • PRICE: $2417.1 @ 07:52 BST Jul 24
  • SUP 1: $2392.2 - 20-day EMA       
  • SUP 2: $2358.3/2286.9 - 50-day EMA / Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support 
  • SUP 4: $2228.6 - Low Apr 1

Prices faded across the second half of last week, resulting in new pullback lows of $2383.99 on Monday. Nonetheless, the broader gains last week reinforce current conditions, and keep the M/T trend pointed higher. The yellow metal has breached key resistance and the bull trigger at $2450.1, the May 20 high. This confirms a resumption of the medium-term uptrend and opens the $2500.00 handle next. Moving average studies are in a clear bull-mode set-up, highlighting a rising trend. Initial support is at $2392.2, the 20-day EMA.

Metals Technical AnalysisCommodities TechBulletFixed Income BulletsForeign Exchange BulletsCommodities

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