GOLD TECHS: Northbound

• RES 4: $81.07 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $79.86 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $77.73 - High Jun 23 and a bull trigger 
• RES 1: $72.83 - High Jul 30 and a key resistance 
• PRICE: $67.91 @ 07:05 BST Aug 25
• SUP 1: $65.01 - Low Aug 13
• SUP 2: $60.96 - Low May 30
• SUP 3: $58.18 - Low May 5
• SUP 4: $57.74 - Low Apr 9 and a key support   

Brent futures are holding on to their most recent gains, however, a bear cycle remains intact. Sights are on $65.01, the Aug 13 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. A clear breach would open $60.96, the May 30 low. Key short-term resistance has been defined at $72.83, the Jul 30 high. Clearance of this level would cancel a bear theme.

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 173.02/97 High Aug 13 / High Jul 28 and the bull trigger 
• PRICE: 172.37 @ 07:07 BST Aug 25
• SUP 1: 170.46 50-day EMA
• SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

The trend needle in EURJPY continues to point north and the cross is trading closer to its recent highs. Key support to watch lies at the 50-day EMA at 170.46. A clear break of the average is required to highlight a stronger short-term bearish threat. Moving average studies are in a bull-mode position reinforcing the primary uptrend. Clearance of the Jul 28 high of 173.97, would confirm a continuation of the bull cycle.

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 150.92 High Aug 1 and a key resistance 
• RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg 
• RES 1: 148.78/149.12 High Aug 22 / 61.8% of the Aug 1 - 14 bear leg  
• PRICE: 147.26 @ 07:01 BST Aug 25
• SUP 1: 147.26/146.21 20-day EMA / Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.40 50% retracement of the Apr - Aug upleg
• SUP 4: 144.80 Trendline drawn from the Apr 22 low 

USDJPY traded sharply lower Friday highlighting a potential bearish threat. The bear trigger has been defined at 146.21, the Aug 14 low. Clearance of this level would reinstate a downtrend and pave the way for an extension towards 145.40, a Fibonacci retracement. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high.