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Trendline Resistance Within Reach

GOLD TECHS
  • RES 4: $1847.9 - High Jun 22
  • RES 3: $1825.1 - High Jun 30
  • RES 2: $1797.1 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1795.0 - High Aug 4 / 5
  • PRICE: $1786.8 @ 07:16 BST Aug 9
  • SUP 1: $1759.5/54.4 - 20-day EMA / Low Aug 3
  • SUP 2: $1711.7/1681.0 - Low Jul 27 / 21
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold maintains a firmer tone and is trading at its recent highs. The yellow metal has breached the 50-day EMA and attention is on trendline resistance at $1797.1. A breach of the trendline would represent an important technical break and highlight a stronger reversal of the 5-month downtrend. On the downside, initial firm support lies at $1754.4 the Aug 3 low. Key support is unchanged at $1681.0.

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