Free Trial
SECURITY

Turkey Reportedly Agrees To Ruble Gas Payments

US DATA

Nomura React to Jobs Upside Surprise

US TSY FUTURES

BLOCK, 10Y Ultra-Bond Buy

US EURODLR OPTIONS

BLOCK, Broken Call FLy

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Holding Onto Gains

GOLD TECHS
  • RES 4: $1875.7 - High Jan 29
  • RES 3: $1855.5 - High Feb 10
  • RES 2: $1851.5 - 61.8% retracement of the Jan 6 - Mar 8 sell-off
  • RES 1: $1845.5 - High May 10
  • PRICE: $1836.1 @ 07:13 BST May 11
  • SUP 1: $1799.1 - High May 4 and a recent breakout level
  • SUP 2: $1785.2 - 20-day EMA
  • SUP 3: $1764.3 - Low Apr 30
  • SUP 4: $1756.2 - Low Apr 29 and key near-term support

Gold is holding onto recent gains. The yellow metal rallied last week and cleared resistance at $1797.9, Apr 22 high. This confirms a resumption of the uptrend that started early March where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8. The move higher paves the way for a climb towards $1851.5, 61.8% retracement of the Jan 6 - Mar 8 sell-off. On the downside, key support is unchanged at $1756.2.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.