Commodities June 24, 2020 / 10:30 am UTC

U.S. Chart COMEX Aug Gold Update: 1800 up Next

By Rob Zukowski



Levels
Imp
Comment


Levels
Imp
Comment
R4
1830*Projection

S1
1786
*
Trendline level
R3
1815*Projection

S2
1782
Intraday low
R2
1800
*
Figure

S3
1760
*
Break level
R1
1796

Intraday high

S4
1732*50-day moving average

Asterisk denotes strength of level

10:30 GMT - GCQ0 seems to have generated enough momentum to break through the top end of the 2-month range, and 1800 is the next key level to watch for early Wednesday. The breakout is still in its early stages and there needs to be a confirmation of the break to keep the market interested. If gold can end the day above 1786, we will use that as confirmation. Meanwhile, if gold breaks through 1800 on Wednesday, our next key projection comes would be 1815.

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