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Bullish Focus

GOLD TECHS
  • RES 4: $1918.2 - 76.4% retracement of the Nov 9 - 30 sell-off
  • RES 3: $1899.2 - High Nov 16
  • RES 2: $1888.9 - 61.8% retracement of the Nov 9 - 30 sell-off
  • RES 1: $1875.4 - High Dec 8
  • PRICE: $1860.1 @ 07:09 GMT Dec 9
  • SUP 1: $1822.5 - Low Dec 7
  • SUP 2: $1807.5 - Low Dec 2
  • SUP 3: $1764.8 - Low Nov 30 and the bear trigger
  • SUP 4: $1763.5 - 50.0% retracement of the Mar - Aug rally

Gold maintains a bullish tone having traded sharply higher Monday off the day low of $1822.5. The yellow metal has cleared resistance at $1848.8, Sep 28 low and a recent breakout level, confirming an extension of the upleg that started Nov 30. Price has challenged the 50-day EMA at $1869.8 where a clear break would open the $1888.9 level, a Fibonacci retracement. On the downside, firm support lies at $1822.5.

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