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Watching Resistance At The 50-Day EMA

GOLD TECHS
  • RES 4: $1847.9 - High Jun 22
  • RES 3: $1825.1 - High Jun 30
  • RES 2: $1807.1 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1788.1 - 50-day EMA
  • PRICE: $1769.3 @ 07:21 BST Aug 3
  • SUP 1: $1748.9 - 20-day EMA
  • 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 despite the pullback from yesterday’s high. Attention is on resistance at the 50-day EMA, at $1783.80. The average was pierced yesterday, a clear break would suggest potential for a bullish extension and expose trendline resistance at $1807.1. A breach of the trendline would represent an important technical break. On the downside, initial firm support lies at $1711.7, the Jul 27 low. Key support is at $1681.0.

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