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Approaching The Base Of The Bull Channel

GOLD TECHS
  • RES 4: $1909.7 - High Jun 3
  • RES 3: $1903.8 - High Jun 8
  • RES 2: $1877.2/88.7 High Nov 16 / Bull channel top
  • RES 1: $1815.6/49.1 - High Nov 26 / High Nov 22
  • PRICE: $1771.8 @ 07:22 GMT Dec 3
  • SUP 1: $1761.3 - Bull Channel base drawn from the Aug 9 low
  • SUP 2: $1759.0 - Low Nov 3 and a key support
  • SUP 3: $1721.7 - Low Sep 29 and a key support
  • SUP 4: $1690.6 - Low Aug 9

Gold traded lower again yesterday and short-term conditions remain bearish, having recently pulled back from $1877.2, the Nov 16 high. Price has breached the 20- and the 50-day EMAs and attention remains on the base of a bull channel at $1761.3. The channel is drawn off the Aug 9 low and represents an important support. A breakout would strengthen bearish conditions. Initial firm resistance is at $1815.6, the Nov 26 high.

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