Free Trial

Focus Is On Range Base *RES 4: $1572.2...>

GOLD TECHS
GOLD TECHS: Focus Is On Range Base
*RES 4: $1572.2 - 1.618 projection of Oct 1 - Oct 3 rally from Oct 11 low
*RES 3: $1557.3 - Trend high Sep 4
*RES 2: $1535.8 - High Sep 24
*RES 1:$1519.8 - High Oct 3 and key near-term resistance
*PRICE: $1485.5 @ 06:28 GMT Nov 6
*SUP 1: $1479.2 - Low Oct 30
*SUP 2: $1473.9 - Low Oct 11 and range base
*SUP 3: $1459.0 - Low Oct 1 and bear trigger
*SUP 4: $1436.8 - Low Aug 5
Gold was under pressure yesterday selling off on the back of USD strength. The
yellow metal however still remains within its recently defined range between
$1519.8, Oct 3 high and $1473.8, Oct 11 low. A breach of the range base would
trigger a stronger slide and open the key support at $1459.0, Oct 1 low. A move
through this support would confirm a resumption of the downtrend. On the upside,
bulls need to see a break of $1519.8 to get excited.

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.