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Eyeing The Channel Base

  • RES 4: $1909.7 - High Jun 3
  • RES 3: $1903.8 - High Jun 8
  • RES 2: $1877.2/83.7 High Nov 16 / Bull channel top
  • RES 1: $1819.7/49.1 - 20-day EMA / High Nov 22
  • PRICE: $1794.1 1 @ 07:09 GMT Nov 25
  • SUP 1: $1778.7 - Low Nov 24
  • SUP 2: $1759.0 - Low Nov 3 and a key support
  • SUP 3: $1756.2 - Bull Channel base drawn from the Aug 9 low
  • SUP 4: $1721.7 - Low Sep 29 and a key support

Gold remains vulnerable and is trading near recent lows. The yellow metal has sold off sharply this week extending the move lower from $1877.2, the Nov 16 high. Price has traded below the 20- and the 50-day EMA. The clear breach of these averages suggests scope for a deeper pullback and attention is on the base of a bull channel at $1756.2. The channel is drawn off the Aug 9 low. Initial resistance is at $1819.7, the 20-day EMA.

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