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GBPUSD TECHS

Corrections Remain Shallow

FED

Reverse Repo Operation, Inching Higher

PIPELINE

$1.5B Royal Bank of Canada 10Y Launched

COMMODITIES

WTI Remains Bullish, on Track for Cycle High Close

US TSYS/SUPPLY

2Y Auction ​Review: Small Stop

Bearish Theme

GOLD TECHS
  • RES 4: $1875.7 - High Jan 29 and key resistance
  • RES 3: $1858.6 - 50-day EMA
  • RES 2: $1845.2 - 20-day EMA
  • RES 1: $1834.9 - High Feb 4
  • PRICE: $1816.2 @ 07:13 GMT Feb 8
  • SUP 1: $1785.0 - Low Feb 4
  • SUP 2: $1775.9 - Low Dec 1
  • SUP 3: $1764.8 - Low Nov 30
  • SUP 4: $1747.6 - Low Jun 26, 2020

Gold traded sharply lower Jan 4. Importantly, the yellow metal has cleared support at $1804.7, the Jan 18 low. This reinforces current bearish conditions and resumes the downtrend that started on Jan 6. The move lower signals scope for weakness towards $1775.9, Dec 1 low and $1764.8, the Nov 30 low and a key support. On the upside, initial resistance is seen at $1834.9, Feb 4 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com