Free Trial

Trading Closer To Its Recent Highs

GOLD TECHS
  • RES 4: $1900.0 - Round number resistance
  • RES 3: $1890.2 - High Feb 9
  • RES 2: $1870.5 - High Feb 14
  • RES 1: $1858.3 - High Mar 6
  • PRICE: $1848.1 @ 07:19 GMT Mar 7
  • SUP 1: $1804.9 - Low Feb 28 and the bear trigger
  • SUP 2: $1794.8 - 2.0% 10-dma envelope
  • SUP 3: $1787.3 - 50.0% retracement of the Sep 28 - Feb 2 bull leg
  • SUP 4: $1774.0 - Low Dec 15

Trend conditions in Gold remain bearish, however, the metal traded higher last week and breached resistance at $1846.4, the 50-day EMA. A clear break of this hurdle would strengthen short-term bullish conditions and signal scope for an extension higher - this would open $1870.5, the Feb 14 high. On the downside, key short-term support has been defined at $1804.9, the Feb 28 low. A break would resume recent bearish activity.

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.