Free Trial

Approaching Key S/T Resistance

GOLD TECHS
  • RES 4: $1877.2 - High Nov 16 and key resistance
  • RES 3: $1871.0 - High Nov 18
  • RES 2: $1849.1 - High Nov 22
  • RES 1: $1831.9 - High Jan 3 and key resistance
  • PRICE: $1824.3 @ 07:14 GMT Jan 13
  • SUP 1: $1800.2 - Low Jan 11
  • SUP 2: $1785.7/82.8 - Channel base from Aug 9 low / Low Jan 7
  • SUP 3: $1753.7 - Low Dec 15 and a key support
  • SUP 4: $1746.0 - Low Oct 6

Gold recently found support at the base of its bull channel drawn from the Aug 9 low - last Friday's low of $1782.8 and the recovery from this level means the yellow metal remains inside the channel. The subsequent recovery signals scope for a climb towards key near-term resistance at $1831.9, the Jan 3 high and the bull trigger. A reversal lower and a move below Friday’s low would instead highlight a channel breakout.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.