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GOLD TECHS: Trend Structure Remains Bullish

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2750.0 - High Nov 5
  • RES 2: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg     
  • RES 1: $2721.4 - High Nov 25     
  • PRICE: $2661.9 @ 07:21 GMT Nov 29
  • SUP 1: $2605.3 - Low Nov 26 
  • SUP 2: $2536.9 - Low Nov 14 and a key support
  • SUP 3: $2511.1 - Low Sep 12
  • SUP 4: $2472.0 - Low Sep 4   

The long-term trend condition in Gold remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, Monday’s high. Key support to monitor is $2536.9, the Nov 14 low. A break would be bearish.

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  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2750.0 - High Nov 5
  • RES 2: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg     
  • RES 1: $2721.4 - High Nov 25     
  • PRICE: $2661.9 @ 07:21 GMT Nov 29
  • SUP 1: $2605.3 - Low Nov 26 
  • SUP 2: $2536.9 - Low Nov 14 and a key support
  • SUP 3: $2511.1 - Low Sep 12
  • SUP 4: $2472.0 - Low Sep 4   

The long-term trend condition in Gold remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, Monday’s high. Key support to monitor is $2536.9, the Nov 14 low. A break would be bearish.