October 07, 2024 06:15 GMT
GOLD TECHS: Trend Needle Points North
GOLD TECHS
- 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 and the bull trigger
- PRICE: $2641.5 @ 07:15 BST Oct 7
- SUP 1: $2624.8 - Low Sep 30
- SUP 2: $2612.1 - 20-day EMA
- SUP 3: $2584.9 - Low Sep 20
- SUP 4: $2540.4 - 50-day EMA
Gold remains in consolidation mode. The trend condition is also 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. MA 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 $2612.1, the 20-day EMA.
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