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Corrective Cycle Remains In Play

GOLD TECHS
  • RES 4: $1833.0 - High Jun 29
  • RES 3: $1807.9 - High Aug 10 and a key resistance
  • RES 2: $1800.0 - Psychological round number
  • RES 1: $1786.5 - High Nov 15 and the bull trigger
  • PRICE: $1741.0 @ 07:16 GMT Nov 23
  • SUP 1: $1720.6 - 20-day EMA
  • SUP 2: $1702.3 - Low Nov 9 and key short-term support
  • SUP 3: $1664.8 - Low Nov 8
  • SUP 4: $1615.0 - Low Sep 28 and a bear trigger

Short-term trend conditions in Gold remain bullish, however for now, the yellow metal remains in a corrective cycle. Initial firm support is seen at $1702.3, the Nov 9 low. Recent gains resulted in the break of $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, Aug 10 high. The bull trigger is at $1786.5, the Nov 15 high.

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