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Pierces Resistance

GOLD TECHS
  • RES 4: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2450.1 - High May 20 and the bull trigger
  • RES 1: $2393.0 - High Jul 5
  • PRICE: $2383.00 @ 07:22 BST Jul 8
  • SUP 1: $2324.9/2286.9 - 50-day EMA / Low Jun 7
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold traded higher last week and the yellow metal has traded through resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2324.9. A clear break of this average would instead confirm a resumption of the reversal from May 20 and expose $2277.4, May 3 low.

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