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Bullish Trend Conditions

GOLD TECHS
  • RES 4: $1807.9 - High Aug 10 and a key resistance
  • RES 3: $1800.0 - Psychological round number
  • RES 2: $1783.2 - High Aug 16
  • RES 1: $1775.1 - High Nov 14
  • PRICE: $1771.7 @ 07:14 GMT Nov 15
  • SUP 1: $1729.5/1702.3 - High Oct 4 / Low Nov 9
  • SUP 2: $1692.8 - 20-day EMA
  • SUP 3: $1664.8 - Low Nov 8
  • SUP 4: $1615.0 - Low Sep 28 and a bear trigger

Gold rallied sharply higher last week and remains bullish. Last week’s gains resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for an extension towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.

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