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GOLD TECHS: Impulsive Bull Wave Extends

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing    
  • RES 3: $2900.0 - Round number resistance
  • RES 2: $2889.9 - 1.618 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2872.30 - Intraday high    
  • PRICE: $2842.40 @ 10:26 GMT Feb 5 
  • SUP 1: $2807.3 - Low Feb 4  
  • SUP 2: $2746.5 - 20-day EMA  
  • SUP 3: $2730.6 - Low Jan 27  
  • SUP 4: $2698.4 - 50-day EMA

A bull cycle in Gold remains in play. Last week’s extension higher and this week’s appreciation, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2698.4, the 50-day EMA. The 20-day EMA is at $2746.5.

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  • RES 4: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing    
  • RES 3: $2900.0 - Round number resistance
  • RES 2: $2889.9 - 1.618 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2872.30 - Intraday high    
  • PRICE: $2842.40 @ 10:26 GMT Feb 5 
  • SUP 1: $2807.3 - Low Feb 4  
  • SUP 2: $2746.5 - 20-day EMA  
  • SUP 3: $2730.6 - Low Jan 27  
  • SUP 4: $2698.4 - 50-day EMA

A bull cycle in Gold remains in play. Last week’s extension higher and this week’s appreciation, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2698.4, the 50-day EMA. The 20-day EMA is at $2746.5.