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Bearish Risk Still Present

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and a key resistance
  • RES 3: $1959.4 - High Jan 6 and the bull trigger
  • RES 2: $1917.6 - High Jan 8
  • RES 1: $1875.2 - 50-day EMA
  • PRICE: $1840.7 @ 06:13 GMT Jan 14
  • SUP 1: $1817.5 - Low Jan 11
  • SUP 2: $1810.7 - 76.4% retracement of the Nov 30 - Jan 6 low
  • SUP 3: $1800.0 - Round number support
  • SUP 4: $1775.9 - Low Dec 1

Gold outlook remains bearish. The yellow metal found resistance last week at $1959.4, Jan 6 high and has since traded lower. The recent move lower marks a reversal of the Nov 30 - Jan 6 recovery and with S/T momentum studies in a bear mode, highlights scope for a deeper pullback. The focus is on $1810.7, the 76.4% retracement where a break would open $1800.0 and $1764.8 further out, Nov 30 low. Resistance is at $1875.2, the 50-day EMA.

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