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Focus Is On Support

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 2: $1955.7 - High Sep 21
  • RES 1: $1933.3 - High Oct 12 and the bull trigger
  • PRICE: $1904.0 @ 07:01 BST Oct 23
  • SUP 1: $1894.7 - Low Oct 22
  • SUP 2: $1882.5 - Low Oct 14
  • SUP 3: $1873.0 - Low Oct 7 and key near-term support
  • SUP 4: $1848.8 - Low Sep 28 and the bear trigger

Gold traded lower yesterday however, the yellow metal remains in a consolidative pattern. Attention is on the $1873.0 support, Oct 7 low following the recent pullback from $1933.3, Oct 12 high. A break of $1873.0 would suggest scope for a deeper pullback and expose $1848.8, Sep 28 low and a key support. On the upside, clearance of $1933.3, Oct 12 high would instead resume recent bullish pressure.

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