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GOLD TECHS: Retracement Mode

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $3000.0 - Psychological round number   
  • RES 3: $2976.8 - 2.0% 10-dma envelope
  • RES 2: $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2920.8/2956.2 - High Feb 27 / 24 and the bull trigger 
  • PRICE: $2836.7 @ 15:07 GMT Feb 28
  • SUP 1: $2832.7 - Intraday low  
  • SUP 2: $2802.4 - 50-day EMA
  • SUP 3: $2758.3 - Low Jan 30
  • SUP 4: $2730.6 - Low Jan 27 

A corrective phase in Gold remains in play and the yellow metal is trading lower again, today. Price has traded through the 20-day EMA, at $2882.1. This signals scope for a deeper short-term retracement, possibly towards the next important support around the 50-day EMA, at $2802.4. For bulls, a resumption of gains would refocus attention on the next objective at $2962.2, a Fibonacci projection. This would also open the $3000.0 handle.

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  • RES 4: $3000.0 - Psychological round number   
  • RES 3: $2976.8 - 2.0% 10-dma envelope
  • RES 2: $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2920.8/2956.2 - High Feb 27 / 24 and the bull trigger 
  • PRICE: $2836.7 @ 15:07 GMT Feb 28
  • SUP 1: $2832.7 - Intraday low  
  • SUP 2: $2802.4 - 50-day EMA
  • SUP 3: $2758.3 - Low Jan 30
  • SUP 4: $2730.6 - Low Jan 27 

A corrective phase in Gold remains in play and the yellow metal is trading lower again, today. Price has traded through the 20-day EMA, at $2882.1. This signals scope for a deeper short-term retracement, possibly towards the next important support around the 50-day EMA, at $2802.4. For bulls, a resumption of gains would refocus attention on the next objective at $2962.2, a Fibonacci projection. This would also open the $3000.0 handle.