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Unwinding An Overbought Condition

GOLD TECHS
Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
  • RES 4: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2500.0 - Round number resistance
  • RES 2: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • PRICE: $2352.9 @ 07:23 BST May 29
  • SUP 1: $2304.2 - 50- day EMA
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold is trading just ahead of its recent low. The medium-term trend structure remains bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2304.2, represents a key support. A clear break of it would be bearish.

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  • RES 4: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2500.0 - Round number resistance
  • RES 2: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • PRICE: $2352.9 @ 07:23 BST May 29
  • SUP 1: $2304.2 - 50- day EMA
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold is trading just ahead of its recent low. The medium-term trend structure remains bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2304.2, represents a key support. A clear break of it would be bearish.