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Trading Above The 50-Day EMA

GOLD TECHS
  • RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
  • RES 3: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
  • RES 2: $1996.4 - 2.0% 10-dma envelope
  • RES 1: $1987.5 - High Jul 20 and the bull trigger
  • PRICE: $1963.7 @ 08:06 BST Jul 24
  • SUP 1: $1949.6 - 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 the latest pullback is considered corrective. Last week’s print above $1985.3, the May 24 high, reinforces current conditions. A 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 $1949.6. This average represents an important short-term level.

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