Free Trial

Bulls In Charge Once Again *RES 4:.......>

GOLD TECHS
GOLD TECHS: Bulls In Charge Once Again
*RES 4: $1616.9 - 1.236 projection of the Jan 14 - Feb 3 rally from Feb 5 low
*RES 3: $1611.4 - High Jan 8 and key resistance
*RES 2: $1593.6 - 76.4% retracement of the Jan 8 - Jan 14 decline
*RES 1: $1592.1 - High Feb 3 and key resistance
*PRICE: $1579.1 @ 08:32 GMT Feb 17
*SUP 1: $1573.2 - Low Feb 14
*SUP 2: $1561.9 - Low Feb 12 and key near-term support
*SUP 3: $1547.6 - Low Feb 5 and bear trigger
*SUP 4: $1546.4 - Low Jan 21
Gold traded higher again Friday confirming a clear break of $1577.1, the Feb 10
high, negating that day's bearish doji candle pattern. Despite a pullback this
morning, Fri's move strengthened the bullish case and opens the key short-term
resistance at $1592.1, the Feb 3 high. Clearance of this level is required to
once again set the scene for a climb towards the key Jan 8 high of $1611.4. On
the downside, a breach of $1561.9, Feb 12 low, would reinstate a bearish threat.

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.