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Probes Resistance

GOLD TECHS
  • RES 4: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 3: $1877.7 - High Jun 14
  • RES 2: $1825.4 - High Jun 17
  • RES 1: $1795.2/1804.3 - High Jul 2 / 20-day EMA
  • PRICE: $1785.4 @ 07:09 BST Jul 5
  • SUP 1: $1750.8 - Low Jun 29
  • SUP 2: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 3: $1723.8 - Low Apr 13
  • SUP 4: $1700.00 - Round number support

Gold on Friday probed resistance at $1795.0, Jun 23 high. A clear break higher would neutralise recent bearish conditions and signal scope for a stronger recovery exposing $1825.4, Jun 17 high. A return lower though would again highlight a bearish risk and refocus attention on support at $1750.8, the Jun 29 low. This level also represents the bear trigger where a break would open $1733.5, a Fibonacci retracement.

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