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Outlook Remains Bullish

GOLD TECHS
  • RES 4: $1875 7 - 50.0% retracement of the Mar 8 - Jul 21 bear leg
  • RES 3: $1857.6 - High Jun 16
  • RES 2: $1829.8 - 38.2% retracement of the Mar 8 - Jul 21 bear leg
  • RES 1: $1807.9 - High Aug 10 and the bull trigger
  • PRICE: $1792.2 @ 07:11 BST Aug 12
  • SUP 1: $1754.4 - Low Aug 3 and key short-term support
  • SUP 2: $1711.7/1681.0 - Low Jul 27 / 21 and the bear trigger
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold maintains a firmer tone and traded higher Wednesday, breaching trendline resistance at $1794.6. The trendline is drawn from the Mar 8 high and the break represents an important technical breach plus highlights a stronger reversal of the 5-month downtrend. However, price has pulled back from Wednesday’s high and any stronger reversal would threaten the bullish theme. Watch support at $1754.4 the Aug 3 low. The bull trigger is $1807.9.

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