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Gold Takes Off

  • RES 4: $1916.6 - High Jun 1 and a key resistance
  • RES 3: $1909.7 - High Jun 3
  • RES 2: $1903.8 - High Jun 8
  • RES 1: $1877.7 - High Jun 14
  • PRICE: $1863.7 @ 14:55 GMT Nov 10
  • SUP 1: $1822.4/1793.7 - Intraday low / 20-day EMA
  • SUP 2: $1786.5/1759.0 - 50-day EMA / Low Nov 3 and a key support
  • SUP 3: $1746.0 - Low Oct 6
  • SUP 4: $1721.7 - Low Sep 29 and the bear trigger

Gold has rallied sharply higher today. Today's gains have resulted in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further upside. Note too that the yellow metal has breached $1863.3, 76.4% of the Jun - Aug sell-off. The focus is on $1877.7 next, the Jun 14 high. Support is seen at today's intraday low of $1822.4.

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