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Support At The 50-Day EMA Holds

GOLD TECHS
  • RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
  • RES 3: $2004.2 - 2.0% 10-dma envelope
  • RES 2: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
  • RES 1: $1987.5 - High Jul 20 and the bull trigger
  • PRICE: $1975.7 @ 07:21 BST Jul 27
  • SUP 1: $1951.2 - 50-day EMA
  • SUP 2: $1924.5 - Low Jul 11
  • SUP 3: $1902.8/1893.1 - Low Jul 6 / Jun 29 and the bear trigger
  • SUP 4: $1885.8 - Low Mar 15

Gold conditions remain bullish for now and this week’s recovery signals the end of the recent correction. Last week’s print above $1985.3, the May 24 high, reinforces a bull theme. A stronger resumption of gains would pave the way for a climb towards $1998.1, a Fibonacci retracement point. The yellow metal remains above support at the 50-day EMA, which intersects at $1951.2. This average represents an important short-term level.

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Energy BulletsCommodities

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