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Turning Lower

GOLD TECHS
  • RES 4: $1877.5 - 76.4% retracement of the Jun 1 - 29 decline
  • RES 3: $1863.3 - High Jun 16
  • RES 2: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 1: $1834.1 - High Jul 15 and the bull trigger
  • PRICE: $1726.3 @ 18:14 BST Aug 09
  • SUP 1: $1690.6 Low Aug 08
  • SUP 2: $1689.9 - 61.8% 2020 Range
  • SUP 3: $1678.0 - Low Mar 31
  • SUP 4: $1676.9 - Low Mar 08

Fragile and illiquid conditions in precious metals markets saw prices spiral lower in early Asia-Pac trade Monday, with markets taking out all nearby support levels to print multi-month lows of $1690.6. The pull lower found some support at the 61.8% retracement of the 2020 range, but the recovery off the low will have emboldened bulls. To reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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