Free Trial

Has Pulled Back From Its Recent Highs

GOLD TECHS
  • RES 4: $1999.6 - Low May 5
  • RES 3: $1987.5 - High Jul 20 and a key resistance
  • RES 2: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
  • RES 1: $1953.0 - High Sep 4
  • PRICE: $1926.6 @ 07:23 BST Sep 6
  • SUP 1: $1903.9 - Low Aug 25
  • SUP 2: $1884.9 - Low Aug 21 and the bear trigger
  • SUP 3: $1871.6 - Low Mar 13
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

A bull cycle in Gold remains in play and for now, the latest pullback is considered corrective. Recent gains resulted in a move above the 50-day EMA - at $1932.0. This highlights a stronger short-term bull leg and signals scope for a climb towards $1963.3, 76.4% of the Jul 20 - Aug 21 bear leg. Initial firm support lies at $1903.9, the Aug 25 low. A break of this level would instead be viewed as a bearish development.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.