Free Trial

Remains Soft

GOLD TECHS
  • RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
  • RES 3: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
  • RES 2: $1972.4/1987.5 - High Jul 31 / High Jul 20 and the bull trigger
  • RES 1: $1934.5/43.2 - 20- and 50-day EMA values
  • PRICE: $1905.4 @ 07:17 BST Aug 15
  • SUP 1: $1902.7 - Low Jul 6
  • SUP 2: $1893.1 - Jun 29 and the bear trigger
  • SUP 3: $1885.8 - Low Mar 15
  • SUP 4: $1871.6 - Low Mar 13

Gold remains bearish and the yellow metal traded lower yesterday, maintaining the bear cycle that started Jul 20. Sights are on key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. On the upside, initial firm resistance to watch is $1943.2, the 50-day EMA. A break of this level would highlight a possible short-term 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.