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FI Support Evaporates Amid Late Month End Selling


Remains Vulnerable


Late Risk Off Sees USDCAD Eye Cycle Highs


BLOCK, Late Puts

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Heading Towards The Channel Base

  • RES 4: $1909.7 - High Jun 3
  • RES 3: $1903.8 - High Jun 8
  • RES 2: $1877.2/82.8 High Nov 16 / Bull channel top
  • RES 1: $1823.0/49.1 - 20-day EMA / High Nov 22
  • PRICE: $1795.8 1 @ 07:16 GMT Nov 24
  • SUP 1: $1782.0 - LOw Nov 23
  • SUP 2: $1759.0 - Low Nov 3 and a key support
  • SUP 3: $1755.4 - Bull Channel base drawn from the Aug 9 low
  • SUP 4: $1721.7 - Low Sep 29 and a key support

Gold remains vulnerable. The yellow metal has sold off sharply this week as it pulls further away from $1877.2, the Nov 16 high. Price has moved back below the 20- and the 50-day EMA. The clear breach of these averages suggests scope for a deeper pullback towards the base of a bull channel at $1755.4. The channel is drawn off the Aug 9 low. Initial resistance is at $1823.0, the 2-day EMA.

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