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Trades Above The Top Of Its Bull Channel

GOLD TECHS
  • RES 4: $2000.0 - Psychological round number
  • RES 3: $1992.5 - High Sep 1 2020
  • RES 2: $1980.8 - 2.00 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 1: $1974.3 - Intraday high
  • PRICE: $1962.0 @ 13:42 GMT Feb 25
  • SUP 1: $1908.8 - Intraday low
  • SUP 2: $1879.6/53.9 - High Feb 15 / High Jan 25
  • SUP 3: $1844.7 Low Feb 15
  • SUP 4: $1821.1 - Low Feb 11

Gold remains in an uptrend and today’s gains mark an acceleration of the uptrend. The yellow metal has cleared $1916.6, the Jun 1 2021 high and a key bull trigger. Note that price has also traded above the top of its bull channel, drawn from the Aug 9 2021 low. The channel top intersects at $1938.4 and marked a key resistance area. Today’s gains have opened $1980.77, a Fibonacci projection. First support is at $1908.8.

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