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Bulls Eye Key Resistance

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16
  • RES 2: $1965.6 - High Nov 9 and key resistance
  • RES 1: $1955.4 - Intraday high
  • PRICE: $1946.5 @ 07:09 GMT Jan 6
  • SUP 1: $1906.8 - High Dec21 and recent breakout level
  • SUP 2: $1885.4 - 20-day EMA
  • SUP 3: $1855.4 - Low Dec 21
  • SUP 4: $1844.9 - Low Dec 16

Gold started the year on a firm note and is holding onto this week's gains. This move higher confirms a resumption of the uptrend that started early December. All near-term retracements have been cleared and the focus shifts to resistance at $1965.6, the Nov 9 high. A breach of this hurdle would mark an important technical break. On the downside, key support has been defined at $1855.4, Dec 21 low. Initial support is seen at $1906.8, Dec 21 high.

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