Free Trial

Triangle Formation *RES 4: $1747.4 -.....>

GOLD TECHS
GOLD TECHS: Triangle Formation
*RES 4: $1747.4 - High Apr 15 and bull trigger
*RES 3: $1739.3 - High Apr 27
*RES 2: $1729.1 - High Apr 30
*RES 1: $1723.1 - High May 8
*PRICE: $1701.6 @ 06:56 BST May 12
*SUP 1: $1692.0 - Low May 11
*SUP 2: $1670.7 - Low May 1
*SUP 3: $1659.6 - Low Apr 21 and key support
*SUP 4: $1658.6 - 50-day EMA
Gold continues to hold above support at $1670.7, May 1 low and more importantly
above the key support at $1659.6, Apr 21 low. Note, the yellow metal also
continues to trade within a triangle formation that has developed on the daily
chart. This is a bullish pattern and reinforces the current uptrend. Attention
is on $1739.3, Apr 23 high and the key bull trigger at $1747.4, Apr 14 high. A
break below $1670.7 would be a concern for bulls.

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.