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Bullish Despite Yesterday’s Pullback

GOLD TECHS
  • RES 4: $1903.1 - High Jun 11, 2021
  • RES 3: $1877.2 - High Nov 16 and key resistance
  • RES 2: $1871.0 - High Nov 18
  • RES 1: $1865.5 - High Feb 11
  • PRICE: $1854.7 @ 07:27 GMT Feb 14
  • SUP 1: $1821.1 - Low Feb 11
  • SUP 2: $1804.2 - Bull channel base drawn from the Aug 9 2021 low
  • SUP 3: $1788.7 - Low Feb 3
  • SUP 4: $1780.4 - Low Jan 28 and a key support

Gold rallied sharply higher Friday resulting in a clear breach of resistance at $1853.9, the Jan 25 high. The break reinforces current bullish conditions and suggests scope for a stronger climb within the bull channel drawn off the Aug 9 low. A recent attempt at clearing the channel base failed, resulting in the current rally. The focus is on $1877.2, Nov 16, 2021 low. Initial support is at Friday’s low of $1821.1.

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