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Remains Above Support

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1 2020
  • RES 3: $1980.8 - 2.00 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 2: $1974.3 - High Feb 24
  • RES 1: $1950.1 - High Mar 2
  • PRICE: $1932.5 @ 08:05 GMT Mar 3
  • SUP 1: $1878.4 - Low Feb 24 and key short-term support
  • SUP 2: $1853.9 - High Jan 25
  • SUP 3: $1844.7 - Low Feb 15
  • SUP 4: $1821.1 - Low Feb 11

Gold moved above the top of its bull channel yesterday before pulling back. The channel is drawn from the Aug 9 2021 low and intersects at $1942.6. A clear break higher would reinforce bullish conditions and pave the way for strength towards the Feb 24 high of $1974.3. Key short-term support is unchanged at the Feb 24 low of $1878.4 low where a break would suggest the tide has turned and signal scope for a deeper pullback within the channel.

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