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Bearish Outlook Intact Despite Bounce

GOLD TECHS
  • RES 4: $1955.7 - High Sep 21
  • RES 3: $1933.3 - High Oct 12 and the bull trigger
  • RES 2: $1911.5 - High Oct 27
  • RES 1: $1902.7 - 50-day EMA
  • PRICE: $1893.4 @ 07:03 GMT Nov 3
  • SUP 1: $1860.0 - Low Oct 29
  • SUP 2: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $1815.8 - Low Jul 21

Gold maintains a bearish outlook despite the recent recovery. Last week's breach of support at $1882.5, Oct 14 low and $1873.0, Oct 7 low signals scope for a move towards $1848.8, Sep 28 low and the bear trigger. Clearance of this support would confirm a resumption of the downleg that started Aug 7. On the upside, initial firm resistance is seen at $1911.5, Oct 27 high. Key resistance is at $1933.3, Oct 12 high.

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