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Bullish Theme

GOLD TECHS
  • RES 4: $1765.5 - High Aug 25
  • RES 3: $1745.6 - High Aug 29
  • RES 2: $1729.5 - High Oct 4 and the bull trigger
  • RES 1: $1722.3 - High Nov 9
  • PRICE: $1708.3 @ 07:10 GMT Nov 10
  • SUP 1: $1667.0 - 20-day EMA
  • SUP 2: $1615.0 - Low Sep 28 and a bear trigger
  • SUP 3: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 4: $1600.00 - Round number support

Gold found support Tuesday and is holding on to this week’s gains. This week’s rally confirms an extension of the bounce from $1616.7, the Nov 3 low. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger. A break of this hurdle would strengthen bullish conditions. On the downside, support is at $1667.0, the 20-day EMA.

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