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Base Established, Eyes Turn Higher

GOLD TECHS
  • RES 4: $1953.0 - High Sep 1 and key resistance
  • RES 3: $1899.7 - 3.0% 10-dma envelope
  • RES 2: $1897.0 - 50-day EMA
  • RES 1: $1885.1 - High Oct 12
  • PRICE: $1872.9 @ 16:11 BST Oct 12
  • SUP 1: $1813.2 - Low Oct 3
  • SUP 2: $1804.9- Low Feb 28 and a key support
  • SUP 3: $1786.1 - 61.8% of the Sep 28 ‘22 - May 4 bull leg
  • SUP 4: $1774.0 - Low Dec 15 2022

The previously bearish theme reversed further Thursday, putting prices at the highest level since late September and printing five consecutive sessions of higher highs. The 50-day EMA sits above as key resistance at 1897.0, a break above would add to the evidence of a bullish reversal. To the downside, the focus is on $1804.9, the Feb 28 low and a key support.

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