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Watching Support

GOLD TECHS
  • RES 4: $1999.6 - Low May 5
  • RES 3: $1987.5 - High Jul 20 and a key resistance
  • RES 2: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
  • RES 1: $1930.5/53.0 - 50-day EMA / High Sep 4 and key resistance
  • PRICE: $1927.8 @ 07:11 BST Sep 11
  • SUP 1: $1903.9 - Low Aug 25
  • SUP 2: $1884.9 - Low Aug 21 and the bear trigger
  • SUP 3: $1871.6 - Low Mar 13
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

Gold is trading closer to last week’s lows. Key support to watch lies at $1903.9, the Aug 25 low. A break of this level would be viewed as a bearish development and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1930.5, the 50-day EMA. Key resistance is at $1953.0, the Sep 4 high.

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