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Bull Cycle Remains In Play

  • RES 4: $2063.0 - High May 4 and a key resistance
  • RES 3: $2048.2 - High May 10
  • RES 2: $2022.2 - High May 15
  • RES 1: $2009.4 - High Nov 7 / High Oct 27 and the bull trigger
  • PRICE: $1991.6 @ 07:13 GMT Nov 21
  • SUP 1: $1943.4/1908.3 - 50-day EMA / Low Oct 16
  • SUP 2: $1868.8 - Low Oct 13
  • SUP 3: $1844.3 - Low Oct 9
  • SUP 4: $1810.5 - Low Oct 6 and key support

The trend condition in Gold remains bullish and recent gains reinforce this condition. Furthermore, MA studies are in a bull-mode set-up, highlighting a rising trend cycle. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1944.7, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.

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