Free Trial

Rally Extends

GOLD TECHS
  • RES 4: $2003.4 - 76.4% retracement of the May 4 - Oct 6 bear leg
  • RES 3: $1987.5 - High Jul 20
  • RES 2: $1965.5 - 61.8% retracement of the May 4 - Oct 6 bear leg
  • RES 1: $1962.6 - High Oct 18
  • PRICE: $1948.0 @ 07:24 BST Oct 19
  • SUP 1: $1901.8 - 50-day EMA
  • SUP 2: $1868.8 - Low Oct 13
  • SUP 3: $1844.3 - Low Oct 9
  • SUP 4: $1810.5 - Low Oct 6 and a key support

Gold traded higher Wednesday, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has pierced key resistance at $1953.0, the Sep 1 high. A clear break of this level would further strengthen a bullish theme and open $1987.5, the Jul 20 high. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below last Friday's low of $1868.8 to signal a reversal.

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.