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Heading North

GOLD TECHS
  • RES 4: $1833.0 - High Jun 29
  • RES 3: $1807.9 - High Aug 10 and a key resistance
  • RES 2: $1800.0 - Psychological round number
  • RES 1: $1786.5 - High Nov 15
  • PRICE: $1772.6 @ 07:15 GMT Nov 16
  • SUP 1: $1729.5/1702.3 - High Oct 4 / Low Nov 9
  • SUP 2: $1694.4 - 50-day EMA
  • SUP 3: $1664.8 - Low Nov 8
  • SUP 4: $1615.0 - Low Sep 28 and a bear trigger

Gold traded higher again Tuesday and conditions remain bullish. Last week’s rally resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and opens the $1800.0 handle and a key resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.

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