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Approaches Monday's High

GOLD

The yellow metal has recovered early losses and approached Monday's high as risk off tone was the name of the game in Asia. Near-term attention is on the 50-day EMA at $1777.9 and $1787.4, Sep 22 high and a key resistance. A resumption of strength would reinforce the bullish engulfing candle that signalled a reversal on Sep 30. A break of $1787.4 would suggest scope for an extension. Initial support is at $1746.0, Oct 6 low. A break is required to undermine the current bullish tone.

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