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Approaching Key S/T Resistance

  • 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.

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