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Eyeing The Bull Channel Base

  • RES 4: $1877.2 - High Nov 16 and key resistance
  • RES 3: $1871.0 - High Nov 18
  • RES 2: $1849.1 - High Nov 22
  • RES 1: $1811.6/31.9 - High Jan 6 / High Jan 3 and key resistance
  • PRICE: $1791.7 @ 07:13 GMT Jan 10
  • SUP 1: $1783.2 - Channel base drawn from the Aug 9 low
  • SUP 2: $1753.7 - Low Dec 15 and a key support
  • SUP 3: $1746.0 - Low Oct 6
  • SUP 4: $1721.7 - Low Sep 29

Gold traded lower last week. The move reinforces the potential importance of the Jan 3 sell-off that in pattern terms, is an engulfing candle and a bearish reversal signal. Attention is on the base of a bull channel drawn from the Aug 9 low that intersects at $1783.2. A break would strengthen a bearish case and open $1753.7, the Dec 15 low. The Jan 3 high of $1831.9 is key resistance.

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