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Trend Needle Still Points South

GOLD TECHS
  • RES 4: $1765.5 - High Aug 25 and a key resistance
  • RES 3: $1721.2/35.1 - 50-day EMA / High Sep 12
  • RES 2: $1688.0/1707.1 - High Sep 21 / High Sep 14
  • RES 1: $1654.0 - Low Sep 21 and a recent breakout level
  • PRICE: $1623.2 @ 07:08 BST Sep 28
  • SUP 1: $1621.2 - Low Sep 26
  • SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 3: $1569.1 - Low Apr 1 2020
  • SUP 4: $1563.9 - 1.236 proj of the Jun 13 - Jul 21 - Aug 10 swing

Gold last week broke out of its recent range and in the process confirmed the bear flag formation evident on the daily chart. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies remain in a bear mode position, clearly highlighting current market sentiment. The focus is on $1610.5, a Fibonacci projection. Initial firm resistance is at $1688.0.

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