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Pierces Trendline Resistance

GOLD TECHS
  • RES 4: $1847.9 - High Jun 22
  • RES 3: $1825.1 - High Jun 30
  • RES 2: $1800.5 - High Aug 9
  • RES 1: $1794.6 - Trendline resistance drawn from the Mar 8 high
  • PRICE: $1788.3 @ 07:25 BST Aug 10
  • SUP 1: $1762.8/54.4 - 20-day EMA / Low Aug 3
  • SUP 2: $1711.7/1681.0 - Low Jul 27 / 21
  • 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 is trading at its recent highs. The yellow metal has breached the 50-day EMA and attention is on trendline resistance at $1794.6. The line was pierced yesterday, a clear break would represent an important technical breach and highlight a stronger reversal of the 5-month downtrend. On the downside, initial firm support lies at $1754.4 the Aug 3 low. Key support is unchanged at $1681.0.

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  • RES 4: $1847.9 - High Jun 22
  • RES 3: $1825.1 - High Jun 30
  • RES 2: $1800.5 - High Aug 9
  • RES 1: $1794.6 - Trendline resistance drawn from the Mar 8 high
  • PRICE: $1788.3 @ 07:25 BST Aug 10
  • SUP 1: $1762.8/54.4 - 20-day EMA / Low Aug 3
  • SUP 2: $1711.7/1681.0 - Low Jul 27 / 21
  • 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 is trading at its recent highs. The yellow metal has breached the 50-day EMA and attention is on trendline resistance at $1794.6. The line was pierced yesterday, a clear break would represent an important technical breach and highlight a stronger reversal of the 5-month downtrend. On the downside, initial firm support lies at $1754.4 the Aug 3 low. Key support is unchanged at $1681.0.