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Bull Channel Base Under Pressure

GOLD TECHS
  • RES 4: $1903.8 - High Jun 8
  • RES 3: $1877.2/93.0 High Nov 16 / Bull channel top
  • RES 2: $1815.6/49.1 - High Nov 26 / High Nov 22
  • RES 1: $1794.5 High Dec 1
  • PRICE: $1768.3 @ 07:19 GMT Dec 15
  • SUP 1: $1762.0 - Low Dec 2 and a key near-term support
  • SUP 2: $1759.0 - Low Nov 3
  • SUP 3: $1746.0 - Oct 6 low
  • SUP 4: $1721.7 - Low Sep 29

Gold traded lower yesterday and maintains a weaker tone. The yellow metal is challenging the base of its bull channel drawn from the Aug 9 low. The base intersects at $1768.0. A clear breach of this line and a break of $1762.0, Dec 2 low would strengthen the bearish theme and signal scope for weakness towards $1746,0 the Oct 6 low. Near-term resistance is at $1794.5, the Dec 1 high.

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