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Holding Onto Recent Gains

GOLD TECHS
  • RES 4: $1805.7 - High Feb 25
  • RES 3: $1760.0 - 50-day EMA
  • RES 2: $1755.5 - High Mar 18 and key resistance
  • RES 1: $1745.5 - High Apr 6 and intraday high
  • PRICE: $1743.3 @ 07:09 GMT Apr 8
  • SUP 1: $1705.9 - Low Apr 1
  • SUP 2: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 3: $1671.0 - Low Jun 5, 2020
  • SUP 4: $1659.6 - Low Apr 21, 2020

Gold found support last week, bouncing off $1678.0, Mar 3 low and is holding onto recent gains. Despite the climb, the yellow metal maintains a bearish tone. A break of resistance at $1755.5, Mar 18 high is required to alter the short-term picture. This would also highlight a potential break of the 50-day EMA at $1760.0 and open $1805.7, the Feb 25 high. On the downside, key support and the bear trigger remains $1676.9, Mar 8 low.

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