GOLD: Sixth Successive Week of Gains for Gold

• RES 4: 117.710 High Aug 5 and a key resistance    
• RES 3: 117.640 High Aug 7 
• RES 2: 117.470 50-day EMA 
• RES 1: 117.430 Intraday high 
• PRICE: 117.400 @ 05:59 BST Aug 27
• SUP 1: 116.950 Low Aug 15   
• SUP 2: 116.840 1.00 proj of the Jun 13 - Jul 11 - 22 price swing  
• SUP 3: 116.800 Low Mar 17 (cont) 
• SUP 4: 116.637 76.4% retracement of the Mar 6 - Apr 7 bull leg (cont)

Bobl futures have recovered from their recent lows. However, a bearish theme remains intact. A strong sell-off on Aug 15 highlights a bearish threat and moving average studies are in a bear-mode position. The contract has pierced support at 116.970, the Jul 25 low and a bear trigger. A clear breach of this level would set the scene for an extension towards 116.840, a Fibonacci projection. Key short-term resistance is 117.470, the 50-day EMA.

• RES 4: 1.1851 High Sep 10 2021
• RES 3: 1.1829 High Jul 01 and the bull trigger 
• RES 2: 1.1789 High Jul 24 
• RES 1: 1.1743 High Aug 22
• PRICE: 1.1616 @ 06:10 BST Aug 27
• SUP 1: 1.1599/1.1528 50-day EMA / Low Aug 5 
• SUP 2: 1.1392 Low Aug 1 and bear trigger 
• SUP 3: 1.1373 Low Jun 10 
• SUP 4: 1.1313 Low May 30 

The trend set-up in EURUSD remains bullish and short-term weakness is for now considered corrective. However, the pair is trading just ahead of a key support at the 50-day EMA, at 1.1599. A clear break of the average would signal scope for a deeper retracement and potentially expose key M/T support at 1.1392, the Aug 1 low. For bulls, a stronger resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high.

• RES 4: 130.26 High Aug 8
• RES 3: 130.06 High Aug 14   
• RES 2: 129.78 50-day EMA
• RES 1: 129.55 High Aug 21 and 22  
• PRICE: 129.45 @ 05:49 BST Aug 27
• SUP 1: 128.64 Low Aug 15 
• SUP 2: 128.40 Low Apr 9
• SUP 3: 128.19 Low Mar 27 (cont) 
• SUP 4: 127.83 76.4% retracement of the Mar 11 - Apr 7 bull leg (cont)  

Bund futures continue to trade above their recent lows. A bear threat remains present. The contract recently breached 128.84, the Jul 25 low and a bear trigger. Note that the 129.00 handle represents the base of a broad range. A clear range breakout would strengthen a bearish theme. This would open 128.40 initially, the Apr 9 low. Strength above the 50-day EMA of 129.78, is required to signal a reversal.