Free Trial

Tops First Resistance

GOLD TECHS
  • RES 4: $1932.5 bull channel top drawn from the Aug 9 2021 low
  • RES 3: $1916.6 - High Jun 1 2021 and a key resistance
  • RES 2: $1903.1 - High Jun 11, 2021
  • RES 1: $1899.4 - High Feb 17
  • PRICE: $1898.7 @ 17:11 GMT Feb 17
  • SUP 1: $1844.7 Low Feb 15
  • SUP 2: $1821.1 - Low Feb 11
  • SUP 3: $18005.0 - Bull channel base drawn from the Aug 9 2021 low
  • SUP 4: $1788.7 - Low Feb 3

The Gold rally resumed Thursday, pushing prices to fresh cycle highs as the uptrend accelerated through 1879.6. This puts gold at the best levels since June last year, and keeps the trend direction pointed higher. Resistance at $1881.6 has given way, setting the medium-term upside target to 1916.6 - a key bull trigger. At this stage, dips appear corrective until 1853.9, the January cycle high. Weakness through here opens 1844.7 and below.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.