Fades Through Thursday

• RES 4: $1875.7 - High Jan 29
• RES 3: $1855.5 - High Feb 10
• RES 2: $1851.5 - 61.8% retracement of the Jan 6 - Mar 8 sell-off
• RES 1: $1845.5 - High May 10
• PRICE: $1825.0 @ 16:45 BST May 13
• SUP 1: $1799.1 - High May 4 and a recent breakout level
• SUP 2: $1790.2 - 20-day EMA
• SUP 3: $1764.3 - Low Apr 30
• SUP 4: $1756.2 - Low Apr 29 and key near-term support

Gold is ebbed lower Thursday, but directional parameters remain unchanged for now as key support/resistance lines are intact. The yellow metal recently cleared resistance at $1797.9, Apr 22 high. This confirmed a resumption of the uptrend that started early March where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8. The move higher paves has also confirmed a bullish price sequence of higher highs and higher lows and the focus is on $1851.5 next, a retracement. Support is at $1799.1.