Focus Is On Channel Resistance *RES 4:...>

GOLD TECHS: Focus Is On Channel Resistance

*RES 4: $1516.1 - High Nov 1

*RES 3: $1510.0 - High Nov 5

*RES 2: $1494.3 - High Nov 6

*RES 1: $1492.7 - Channel top drawn off Sep 4 high

*PRICE: $1475.7 @ 07:19 GMT Dec 5

*SUP 1: $1450.1 - Low Nov 26

*SUP 2: $1445.7 - Low Nov 12 and bear trigger

*SUP 3: $1436.8 - Low Aug 5

*SUP 4: $1413.3 - Projected channel base drawn off Sep 4 high

Gold is firmer overall this week having traded above resistance at $1478.9, Nov

20 high. This has for now put on hold a bearish focus and attention turns to the

$1492.7 bear channel top drawn off the Sep 4 high. A break of the channel

resistance is required to signal a stronger bullish theme and also a potential

reversal of the decline that has been in place since Sep 4. On the downside, a

move lower and a break of $1450.1 would expose the bear trigger at $1445.7.