Free Trial

Path Of Least Resistance Remains Down

GOLD TECHS
  • RES 4: $1834.4 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1809.6 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4/64.0 - High Jul 13 / 20-day EMA
  • PRICE: $1709.0 @ 07:59 BST Jul 19
  • SUP 1: $1697.7 - Low Jul 14
  • SUP 2: $1690.6 - Low Aug 9 2021
  • 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 is consolidating. The outlook is bearish and the yellow metal remains in a downtrend. Recent weakness confirmed a continuation of the bear cycle that has resulted in the break of $1787.00, May 16 low. The focus is on $1690.6 next, the Aug 9 2021 low. Moving average studies are in a bear mode condition, highlighting current market sentiment. Initial firm resistance is at $1769.7, the 20-day EMA.

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.