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Key Near-Term Resistance Exposed

GOLD TECHS
  • RES 4: $1877.5 - 76.4% retracement of the Jun 1 - 29 decline
  • RES 3: $1863.3 - High Jun 16
  • RES 2: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 1: $1834.1 - High Jul 15 and the bull trigger
  • PRICE: $1827.1 @ 07:16 BST Jul 30
  • SUP 1: $1790.0 Low Jul 23
  • SUP 2: $1774.4/1750.8 - Low Jul 2 / Low Jun 29
  • SUP 3: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 4: $1723.8 - Low Apr 13

Gold has recovered from recent lows and support has remained intact. The outlook is bullish and the recent pullback was considered corrective. Price still needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle. This would open $1853.3, a Fibonacci retracement. Support to watch is $1790.0, Jul 23 low. A clear breach would be bearish and instead signal scope for an extension lower towards key support at $1750.8, Jun 29 low.

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