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GOLD TECHS: Trend Needle Points North

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2600.0 - Round number resistance    
  • RES 3: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 ‘23 price swing
  • RES 2: $2536.4 - 1.50 proj of the Jul 25 - Aug 2 - Aug 5 price swing 
  • RES 1: $2531.8 - High Aug 20 and the bull trigger                  
  • PRICE: $2424.7 @ 07:21 BST Sep 11
  • SUP 1: $2472.0 - Low Sep  4 
  • SUP 2: $2451.0 - 50-day EMA 
  • SUP 3: $2417.0 - Low Sep 8 
  • SUP 4: $2364.4 - Low Aug 5 

Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.

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  • RES 4: $2600.0 - Round number resistance    
  • RES 3: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 ‘23 price swing
  • RES 2: $2536.4 - 1.50 proj of the Jul 25 - Aug 2 - Aug 5 price swing 
  • RES 1: $2531.8 - High Aug 20 and the bull trigger                  
  • PRICE: $2424.7 @ 07:21 BST Sep 11
  • SUP 1: $2472.0 - Low Sep  4 
  • SUP 2: $2451.0 - 50-day EMA 
  • SUP 3: $2417.0 - Low Sep 8 
  • SUP 4: $2364.4 - Low Aug 5 

Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.