Free Trial

Trend Sequence Remains Bullish

GOLD TECHS
  • RES 4: $1896.5 - 61.8% retracement of the Mar - Sep bear leg
  • RES 3: $1857.6 - High Jun 16
  • RES 2: $1842.7 - 50.0% retracement of the Mar - Sep bear leg
  • RES 1: $1833.3 - High Dec 27
  • PRICE: $1806.1 @ 07:47 GMT Dec 29
  • SUP 1: $1789.5/74.0 - 20-day EMA / Low Dec 15
  • SUP 2: $1758.7 - 50-day EMA
  • SUP 3: $1729.0 - Low Nov 23 and key short-term support
  • SUP 4: $1702.3 - Low Nov 9

Trend conditions in Gold remain bullish and Tuesday’s high print reinforces this condition. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, a Fibonacci retracement. Moving average studies remain in a bull mode position reflecting current market sentiment. On the downside, support to watch is $1774.0, the Dec 15 low. A pullback in price would be considered corrective.

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.