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GOLD TECHS: Bear Threat Remains Present

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2762.3 - High Nov 1  
  • RES 3: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
  • RES 2: $2726.2 - High Dec 12    
  • RES 1: $2665.3/2692.8 - High Jan 3 / High Dec 13     
  • PRICE: $2630.9 @ 07:25 GMT Jan 6 
  • SUP 1: $2596.2/2583.6 - Low Dec 30 / 19   
  • 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  

A bear threat in Gold remains present despite the latest recovery, The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

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  • RES 4: $2762.3 - High Nov 1  
  • RES 3: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
  • RES 2: $2726.2 - High Dec 12    
  • RES 1: $2665.3/2692.8 - High Jan 3 / High Dec 13     
  • PRICE: $2630.9 @ 07:25 GMT Jan 6 
  • SUP 1: $2596.2/2583.6 - Low Dec 30 / 19   
  • 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  

A bear threat in Gold remains present despite the latest recovery, The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.