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USDCAD Resisting Modest Broader USD Weakness


Price Signal Summary: USDCLP Heading South


Europe push through the lows, while US holds


BLOCK, Large 2Y Buy

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GOLD TECHS: Decline Continues, $1232.6-$1230.9 Next Target Area
*RES 4: $1270.4 Nov 30 low, now resistance
*RES 3: $1265.1 Underside broken 2017 bull channel
*RES 2: $1260.7 Oct 6 low, now resistance
*RES 1: $1252.5 Dec 8 high
*PRICE: $1241.4 @1038GMT
*SUP 1: $1236.6 Dec 12 low
*SUP 2: $1232.6 1.618 swing of $1260.7-$1306.1
*SUP 3: $1230.9 1.618x $1306.1-$1263.8 from $1299.3
*SUP 4: $1212.4 61.8% Fibo of $1122.6-$1357.7
*COMMENTARY* Having lost key support from $1262.3 and $1260.7 earlier last week,
the pace of the fall quickened. This now threatening a further drop through
congested support from between $1242.5 and $1240.2. This was the brake against a
deeper $1232.6-$1230.9 decline. Resistance meanwhile, comes initially from
$1252.5, above which a succession of recent lows and the underside of the broken
2017 bull channel, now combine to form an umbrella of resistance above.
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