Free Trial

Pullback Extends

GOLD TECHS
  • RES 4: $1875 7 - 50.0% retracement of the Mar 8 - Jul 21 bear leg
  • RES 3: $1857.6 - High Jun 16
  • RES 2: $1829.8 - 38.2% retracement of the Mar 8 - Jul 21 bear leg
  • RES 1: $1783.6/1807.9 - 50-day EMA / High Aug 10 and bull trigger
  • PRICE: $1763.7 @ 07:23 BST Aug 18
  • SUP 1: $1754.4 - Low Aug 3 and key S/T support
  • SUP 2: $1711.7/1681.0 - Low Jul 27
  • SUP 3: $1681.0 - Low Jul 21 and the bear trigger
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold traded lower yesterday, extending the pullback from last week’s high of $1807.9 (Aug 10). Recent gains saw price trade above trendline resistance drawn from the Mar 8 high. The break represents an important technical breach, highlighting a potential reversal of the 5-month downtrend. On the downside, a stronger pullback however would threaten the bullish theme. Watch support at $1754.4 Aug 3 low. The bull trigger is $1807.9.

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.