Free Trial

Resistance Has Been Pierced

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1842.7 - 50.0% retracement of the Mar - Sep bear leg
  • RES 2: $1833.0 - High Jun 29
  • RES 1: $1807.9/10.0 - High Aug 10 and key resistance / Intraday high
  • PRICE: $1799.1 @ 07:16 GMT Dec 5
  • SUP 1: $1747.4 - 20-day EMA
  • SUP 2: $1729.0 - Low Nov 23 and key short-term support
  • SUP 3: $1702.3 - Low Nov 9
  • SUP 4: $1664.8 - Low Sep 8

Short-term trend conditions in Gold remain bullish and last week’s gains reinforce this condition. Last Thursday’s rally resulted in a break of $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, the Aug 10 high (pierced earlier today). A clear break would be bullish. On the downside, key trend support has been defined at $1729.0, the Nov 23 low.

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.