Free Trial

Gains Likely A Correction *RES 4:........>

GOLD TECHS
GOLD TECHS: Gains Likely A Correction
*RES 4: $1611.4 - High Jan 8 and key resistance
*RES 3: $1600.0 - Round number resistance
*RES 2: $1582.6 - 61.8% retracement of the Jan 8 - Jan 14 decline
*RES 1: $1563.1 - High Jan 10
*PRICE: $1562.0 @ 06:29 GMT Jan 20
*SUP 1: $1548.1 - Low Jan16
*SUP 2: $1536.0 - Low Jan 14 and bear trigger
*SUP 3: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally
*SUP 4: $1517.3 - Low Jan 2
Gold remains firmer following the recovery off last Tuesday's $1536.00 low. The
technical outlook however remains bearish. That said, bears should monitor the
Jan 14 price pattern, a doji candle formation. This is a reversal signal and
could prove to be an early indication of a resumption of the broader uptrend.
Watch resistance at $1563.1, Jan 10 high. If breached this would confirm a S/T
turn and open $1582.6, a retracement level. Key support is $1536.0.

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.