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Pulls Away From Recent Highs

GOLD TECHS
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High Feb 25
  • RES 2: $1775.9 - High Feb 26
  • RES 1: $1758.3/58.8 - 50-day EMA / High Apr 8
  • PRICE: $1727.3 @ 07:16 BST Apr 13
  • SUP 1: $1721.4 - Low Apr 5
  • SUP 2: $1705.9 - Low Apr 1
  • SUP 3: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold is pulling away from recent highs. Resistance has been defined at $1758.8, Apr 8 high. A break is required to strengthen a bullish case and note this would also highlight a break of the 50-day EMA. While resistance remains intact, the short-term risk is for a deeper pullback and attention is on initial support at $1721.4, Apr 5 low. A break would suggest scope for weakness towards the key support at $1676.9, Mar 8 low.

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