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Bullish Reversal

GOLD TECHS
  • RES 4: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2135.4 - High Dec 4 and all-time high
  • RES 1: $2054.30- 50.0% retracement of the Dec 4 - 13 bear leg
  • PRICE: $2023.8 @ 07:20 GMT Dec 15
  • SUP 1: $1973.2 - Low Dec 13
  • SUP 2: $1931.7 - Low Nov 13 and key support
  • SUP 3: $1908.3 - Low Oct 16
  • SUP 4: $1868.8 - Low Oct 13

Gold traded sharply higher last Wednesday. This signals a S/T reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. A break of this level would confirm a resumption of the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.

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  • RES 4: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2135.4 - High Dec 4 and all-time high
  • RES 1: $2054.30- 50.0% retracement of the Dec 4 - 13 bear leg
  • PRICE: $2023.8 @ 07:20 GMT Dec 15
  • SUP 1: $1973.2 - Low Dec 13
  • SUP 2: $1931.7 - Low Nov 13 and key support
  • SUP 3: $1908.3 - Low Oct 16
  • SUP 4: $1868.8 - Low Oct 13

Gold traded sharply higher last Wednesday. This signals a S/T reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. A break of this level would confirm a resumption of the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.