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Clears Resistance

GOLD TECHS
  • RES 4: $1844.9 - Low Jun 14
  • RES 3: $1834.1 - High Jul 15 and the bull trigger
  • RES 2: $1808.7 - High Sep 14
  • RES 1: $1796.3 - High Oct 13
  • PRICE: $1792.7 @ 07:26 BST Oct 14
  • SUP 1: $1765.4/1746.0 - Low Oct 13 / Low Oct 6
  • SUP 2: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 3: $1717.8 - Low Aug 10
  • SUP 4: $1690.6 - Low Aug 08 and the bear trigger
Gold rallied sharply higher yesterday. The yellow metal has breached the 50-day EMA and resistance at $1787.4, the Sep 22 high. The resumption of strength reinforces short-term bullish conditions and the bullish engulfing candle pattern that signalled a potential reversal on Sep 3. The focus is on $1808.7 next, Sep 14 high. Initial firm support is at $1746.0, Oct 6 low. A break is required to undermine a bullish tone.

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