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Trades Above Trendline Resistance

GOLD TECHS
  • RES 4: $1765.5 - High Aug 25
  • RES 3: $1745.6 - High Sep 29
  • RES 2: $1735.1 - High Sep 12 and a key resistance
  • RES 1: $1713.8 - 50-day EMA
  • PRICE: $1703.1 @ 07:21 BST Oct 4
  • SUP 1: $1659.7 - Low Oct 3
  • SUP 2: $1615.0 - Low Sep 28 and the bear trigger
  • SUP 3: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 4: $1569.1 - Low Apr 1 2020

Gold traded sharply higher yesterday and has established a short-term bull cycle. The rally resulted in a break of the 20-day EMA and note that the yellow metal is trading above a trendline resistance, drawn from the Mar 8 high. The trendline intersects at $1697.7. Sights are on the 50-day EMA, at $1713.8, a break would open $1735.1, the Sep 12 high and a key short-term resistance. Initial support is at $1659.7, yesterday’s low.

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