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

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.