Free Trial

Trend Structure Remains Bullish

GOLD TECHS
  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance
  • RES 1: $2483.7 - High Jul 17 and the bull trigger
  • PRICE: $2397.0 @ 07:14 BST Aug 6
  • SUP 1: $2353.2 - Low Jul 25
  • SUP 2: $2286.9 - Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

Recent weakness in Gold appears to be a correction - for now. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2374.6. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, a resumption of gains would open $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle resumes the uptrend.

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.