Free Trial

Firm And Approaching Key Resistance

GOLD TECHS
  • RES 4: $1918.2 - 76.4% retracement of the Nov 9 - 30 sell-off
  • RES 3: $1899.2 - High Nov 16
  • RES 2: $1888.9 - 61.8% retracement of the Nov 9 - 30 sell-off
  • RES 1: $1875.4 - High Dec 8 and the bull trigger
  • PRICE: $1871.7 @ 07:18 GMT Dec 17
  • SUP 1: $1846.6 - 20-day EMA
  • SUP 2: $1818.9 - Low Dec 14 and key intraday support
  • SUP 3: $1807.5 - Low Dec 2
  • SUP 4: $1764.8 - Low Nov 30 and the bear trigger

Gold continues to extend its recovery off $1818.9, Dec 14 low. The yellow metal is approaching key near-term resistance at $1875.4, Dec 8 high where a break would strengthen bullish conditions and signal scope for a climb towards $1888.9, a Fibonacci retracement. Above here lies resistance at $1899.2. On the downside key short-term support has been defined at $1818.9. A break is required to reinstate a bearish threat.

To read the full story

Close

Why MNI

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.