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Trend Signals Remain Bearish

  • RES 4: $1900.0 - Round number resistance
  • RES 3: $1890.2 - High Feb 9
  • RES 2: $1870.5 - High Feb 14
  • RES 1: $1846.4 - 50-day EMA
  • PRICE: $1830.8 @ 07:19 GMT Mar 2
  • SUP 1: $1804.9 - Low Feb 28
  • SUP 2: $1792.9 - 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 and price is trading below the 50-day EMA, at $1846.4 - recent gains are considered corrective. The break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 and Feb 2. On the upside, the 50-day EMA marks the first key short-term resistance. A clear breach of this average would ease bearish pressure.

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