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Key Resistance Intact

GOLD TECHS
  • RES 4: $2075.5 - High Aug 7 and major resistance
  • RES 3: $2030.0 - High Aug 11
  • RES 2: $2025.4 - 76.4% retracement of the Aug 7 - 12 sell-off
  • RES 1: $2015.7 - High AUg 18
  • PRICE: $1987.7 @ 06:59 BST Aug 19
  • SUP 1: $1929.8 - High Aug 17
  • SUP 2: $1912.9 - Low Aug 13
  • SUP 3: $1863.2 - Low Aug 12 and the bear trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold continued to retrace its recent sharp losses yesterday. Despite the extent of the move, recent gains are still considered a correction with a strong band of resistance evident up to 2030.0, the Aug 11 high. Sharp losses on this day highlighted a bearish candle pattern known as a standard line that signals scope for a deeper sell-off. Bulls would need to clear $2030.0 to offset the bearish risk. A sell-off would expose key support at $1863.2.

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