Free Trial

Falls Away After $1282.5 Fibo............>

GOLD TECHS: Falls Away After $1282.5 Fibo Resistance Caps Day's Rise
*RES 4: $1291.5 Oct 18 high
*RES 3: $1286.1 Oct 23 high
*RES 2: $1282.5 76.4% Fibo of $1286.1-$1271.0, intraday high
*RES 1: $1277.3 Hourly resistance
*PRICE: $1270.2 @1650GMT
*SUP 1: $1264.3 Hourly support
*SUP 2: $1260.7 Oct 9 low
*SUP 3: $1251.7 Aug 8 low
*SUP 4: $1245.9 2017 bull channel base
*COMMENTARY* The $1271.4 support level has again come under pressure, below
which there is some minor support from around $1264.3 to consider next. Loss
here will once again put the key Oct 9 low at $1260.7 in the spotlight. As a
result, resistance now comes from $1277.3 and then the day's $1282.5 high. Need
back above the latter before the near term outlook can improve. Below $1260.7
would suggest there is eventual scope for a deeper $1245.9-$1240.9 fall.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.