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Bullish Extension

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and key resistance
  • RES 3: $1918.2 - 76.4% retracement of the Nov 9 - 30 sell-off
  • RES 2: $1899.2 - High Nov 16
  • RES 1: $1896.3 - High Dec 17
  • PRICE: $1882.0 @ 06:41 GMT Dec 18
  • SUP 1: $1850.3 - 20-day EMA
  • SUP 2: $1818.9 - Low Dec 14 and key intraday support
  • SUP 3: $1807.5 - Low Dec 2
  • SUP 4: $1764.8 - Low Nov 30 and the bear trigger

Gold strengthened again yesterday extending the recovery off $1818.9, Dec 14 low. The yellow metal has cleared key near-term resistance at $1875.4, Dec 8 high. The break strengthens bullish conditions and signal scope for a climb towards $1918.2, a Fibonacci retracement. On the downside key short-term support has been defined at $1818.9. A break is required to reinstate a bearish threat.

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