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Free AccessBias Back To Lower After Loss Of Key.....>
GOLD TECHS: Bias Back To Lower After Loss Of Key Supports
*RES 4: $1289.3 Dec 1 high
*RES 3: $1283.0 Hourly recovery high Nov 30
*RES 2: $1277.6 Dec 4 high
*RES 1: $1270.4 Nov 30 low
*PRICE: $1255.0 @1043GMT
*SUP 1: $1255.0 Hourly support
*SUP 2: $1242.5 1.618x $1299.3-$1270.4 from $1289.3
*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7
*SUP 4: $1232.6 1.618 swing of $1260.7-$1306.1
*COMMENTARY* Unable to make a break through the top of the recent range, being
capped by $1299.3-$1299.7 resistance. The subsequent fall back to the base of
the range and beyond has been swift. This has resulted in the loss of the 2017
bull channel base at $1262.3 and the Oct 2 low at $1260.7. This swings overall
bias back to the downside and further corrections of gains initially from
$1204.8 and potentially from $1122.6. Resistance $1270.4-$1277.6.
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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.