Free Trial

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: $1871.1 - 50-day EMA
  • PRICE: $1841.2 @ 07:14 GMT Jan 19
  • SUP 1: $1804.7 - Low Jan 18
  • SUP 2: $1800.0 - Round number support
  • SUP 3: $1775.9 - Low Dec 1
  • SUP 4: $1764.8 - Low Nov 30

Gold remains bearish despite yesterday's bounce. The yellow metal found resistance Jan 6 at $1959.4, Jan 6 high and has since traded lower. The recent move 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 $1804.7, yesterday's low. A break would open $1800.0 and $1764.8 further out, Nov 30 low. Resistance is at $1871.1, the 50-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.