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Monitoring Key Near-Term Support

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: $1805.7 @ 07:28 BST Jul 19
  • SUP 1: $1791.7 Low Jul 12 and key near-term support
  • 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 pulled back from last week's high of $1834.1 on Jul 15. The yellow metal maintains a bullish tone though and the pullback is considered corrective. Price however needs to clear last week's high print to confirm a resumption of the recent upleg. Support to watch is at $1791.7, Jul 12 low. A break would be bearish and instead would signal scope for an extension lower towards the key support at $1750.8, Jun 29 low.

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