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Bullish Focus *RES 4: $1611.4 - High.....>

GOLD TECHS
GOLD TECHS: Bullish Focus
*RES 4: $1611.4 - High Jan 8 and key resistance
*RES 3: $1600.0 - Round number resistance
*RES 2: $1593.6 - 76.4% retracement of the Jan 8 - Jan 14 decline
*RES 1: $1588.7 - Intraday high
*PRICE: $1578.4 @ 07:05 GMT Jan 27
*SUP 1: $1556.6 - Low Jan 24
*SUP 2: $1546.0 - Low Jan15
*SUP 3: $1536.0 - Low Jan 14 and bear trigger
*SUP 4: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally
Gold spiked higher overnight although it has found resistance at its high of
$1588.7. Price has traded above $1582.6, the 61.8% retracement of the Jan 8 -
Jan 14 decline. This further reinforces the near-term bullish outlook as risk
aversion dominates the market mood. Continued gains would open the $1600.0 level
ahead of key resistance at $1511.4, the Jan 8 high. On the downside, $1556.6
marks initial support.

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