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Pullback Considered Corrective

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a key resistance
  • RES 3: $2059.2 - High Mar 9 2022
  • RES 2: $2034.0 - 2.00 proj of the Sep 28 - Oct 4 rally from Feb 28
  • RES 1: $2009.7 - High Mar 20
  • PRICE: $1941.4 @ 06:53 GMT Mar 22
  • SUP 1: $1918.3 - Low Mar 17
  • SUP 2: $1892.6 - 20-day EMA
  • SUP 3: $1867.5 - 50-day EMA
  • SUP 4: $1827.8 - Low Mar 10

A strong rally in Gold last week saw the yellow metal trade to a fresh YTD high of $1989.4. This confirmed a resumption of the uptrend that started in late September 2022. Monday’s gains resulted in a print above the psychological $2000 handle and this further strengthens bullish conditions and opens $2034.0 next, a Fibonacci projection. The latest pullback is considered corrective, last Friday’s low of $1918.3 marks firm support.

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