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Bullish Conditions Intact

GOLD TECHS
  • RES 4: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2135.4 - High Dec 4 and all-time high
  • RES 2: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 1: $2088.5 - High Dec 28
  • PRICE: $2047.5 @ 08:30 GMT Jan 04
  • SUP 1: $2040.3 - 20-day EMA
  • SUP 2: $1973.2 - Low Dec 13
  • SUP 3: $1931.7 - Low Nov 13 and key support
  • SUP 4: $1908.3 - Low Oct 16

The Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. Last week’s move also highlights a bullish theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher has opened $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Key support lies at $1973.2, the Dec 13 low.

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