Free Trial

Looking to Close Above the Weekly........>

GOLD TECHS
GOLD TECHS: Looking to Close Above the Weekly Trendline
*RES 4: $1571.9 - 200% retracement of 2018 decline
*RES 3: $1522.8 - Low December 2011
*RES 2: $1510.5 - High Aug 8
*RES 1: $1507.1 - Upper trend channel on monthly chart
*PRICE: $1502.4 @ 08:03 BST Aug 8
*SUP 1: $1492.7/93.1 - Up trendline on weekly chart/161.8% 2018 decline
*SUP 2: $1474.0/72.4 - Upper trend channel on daily chart/ Low Aug 7
*SUP 3: $1456.5/53.1 - Low Aug 6/ Jul 19 high (previous resistance)
*SUP 4: $1430.5 - Aug 2 low
Gold has seen moves capped since Wednesday around the $1510 level, $3 or so
above the upper band of the trend channel. A move above here would see an
acceleration initially towards the December 2011 lows at $1522.8 ahead of the
medium-term triangle target of $1680. The key today will be whether we can close
above the up trendline resistance on the weekly chart which comes in at $1492.7.
If so, the pressure to move higher will likely intensify further.

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.