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Trend Needle Points North

GOLD TECHS
  • RES 4: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2500.0 - Round number resistance
  • RES 2: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • PRICE: $23.64.1 @ 07:22 BST May 23
  • SUP 1: $2360.0/2297.2 - 20- and 50- day EMA values
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold has pulled back from its recent high. The medium-term trend structure remains bullish and short-term weakness is considered corrective. Monday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break reinforces the primary uptrend and paves the way for a climb towards 2452.5 next, a Fibonacci projection. The 50-day EMA, at $2297.2, represents a key support. A clear break of it would be bearish.

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Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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