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Key Resistance Remains Intact For Now

GOLD TECHS
  • RES 4: $1987.5 - High Jul 20 and a key resistance
  • RES 3: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
  • RES 2: $1953.0 - High Sep 1 and key resistance
  • RES 1: $1947.5 - High Sep 20
  • PRICE: $1929.5 @ 07:19 BST Sep 21
  • SUP 1: $1901.1 - Low Sep 14
  • SUP 2: $1884.9 - Low Aug 21 and the bear trigger
  • SUP 3: $1871.6 - Low Mar 13
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

Gold traded higher yesterday but quickly pulled back from the session high. The recent breach of the 50-day EMA does highlight a possible developing bullish threat. Key resistance is at $1953.0, the Sep 1 high where a break is required to confirm a bullish theme. On the downside, $1901.1, the Sep 14 low, marks a key near-term support. A breach of this level would strengthen a bearish theme and expose $1884.9, the Aug 21 low.

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