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Support Begins to Crack

GOLD TECHS
  • RES 4: $1998.4 - High Apr 18, 2022
  • RES 3: $1982.0 - High Apr 19, 2022
  • RES 2: $1963.0 - 76.4% retracement of the Mar - Sep 2022 bear leg
  • RES 1: $1892.1/1959.7 - 20-day EMA / High Feb 2
  • PRICE: $1836.6 @ 07:16 GMT Feb 16
  • SUP 1: $1830.63 Low Feb 16
  • SUP 2: $1825.2 - Low Jan 5 and key near-term support
  • SUP 3: $1797.1 - Low Dec 28
  • SUP 4: $1787.3 - 50.0% retracement of the Sep 28 - Feb 2 bull leg

Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 as well as the break of support at the 50-day EMA early Wednesday. A clear break here would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.

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