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GOLD TECHS: Bear Threat Remains Present

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2750.0 - High Nov 5
  • RES 2: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg     
  • RES 1: $2650.4/2726.2 - 20-day EMA / High Dec 12     
  • PRICE: $2606.8 @ 07:21 GMT Dec 20 
  • SUP 1: $2583.6 - Intraday low   
  • SUP 2: $2564.4 - Low Nov 18
  • SUP 3: $2536.9 - Low Nov 14 and a key support 
  • SUP 4: $2511.1 - Low Sep 12  

Gold traded lower Wednesday. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2645.0, the 20-day EMA. A breach of it would be positive for bulls.

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  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2750.0 - High Nov 5
  • RES 2: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg     
  • RES 1: $2650.4/2726.2 - 20-day EMA / High Dec 12     
  • PRICE: $2606.8 @ 07:21 GMT Dec 20 
  • SUP 1: $2583.6 - Intraday low   
  • SUP 2: $2564.4 - Low Nov 18
  • SUP 3: $2536.9 - Low Nov 14 and a key support 
  • SUP 4: $2511.1 - Low Sep 12  

Gold traded lower Wednesday. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2645.0, the 20-day EMA. A breach of it would be positive for bulls.