Free Trial

Holding Onto Recent Gains

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1885.3 - 50-day EMA
  • RES 1: $1865.5 - High May 23
  • PRICE: $1851.7 @ 07:14 BST May 24
  • SUP 1: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold started the week on a firmer note and is trading closer to its recent highs. The yellow metal has traded above resistance at $1859.0, the 20-day EMA. This suggests potential for a strong short-term correction and has opened the 50-day EMA at $1885.3. The move higher is still considered corrective though and the trend direction remains down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16).

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.