Free Trial

Bullish Following Channel Breakout.......>

GOLD TECHS
GOLD TECHS: Bullish Following Channel Breakout
*RES 4: $1554.1 - High Sep 5
*RES 3: $1535.7 - High Sep 24
*RES 2: $1519.7 - High Oct 3 and key resistance
*RES 1: $1514.1 - Intraday high
*PRICE: $1509.2 @ 07:11 GMT Dec 27
*SUP 1: $1497.6 - Low Dec 26
*SUP 2: $1397.7 - Former channel top drawn off the Sep 14 high
*SUP 3: $1470.5 - Low Dec 18
*SUP 4: $1462.5 - Low Dec 13
Gold is bullish. This week has seen the yellow metal trade through key
resistance at $1481.00. This marked the top of the bear channel drawn off the
Sep 14 high. The move represents an important break and has been reinforced by
the subsequent breach of resistance at 1486.8, Dec 12 high. Attention is on the
next key resistance at $1519.7, Oct 3 high. A break would open $1535.7, Sep 24
high. Support is at $1497.6.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.