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Range Breakout

GOLD TECHS
  • RES 4: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
  • RES 3: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
  • RES 2: $1980.3 - 50.0% retracement of the Mar 8 - 29 downleg
  • RES 1: $1978.6 - High Apr 12
  • PRICE: $1970.1 @ 07:20 BST Apr 13
  • SUP 1: $1915.1 - 50-day EMA
  • SUP 2: $1890.2 - Low Mar 29 and a bear trigger
  • SUP 3: $1878.4 - Low Feb 24
  • SUP 4: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally

Gold traded higher again yesterday and has breached initial resistance at $1966.1, the Mar 24 high. The move above this hurdle highlights a range breakout and suggests scope for an extension of current short-term gains. The focus is on $1980.3 and $2001.6, Fibonacci retracement levels. On the downside, key support has been defined at $1890.2, the Mar 29 low. A breach of this support would reinstate a bearish threat.

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