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Holding Above Supports *RES 4: $1747.4...>

GOLD TECHS
GOLD TECHS: Holding Above Supports
*RES 4: $1747.4 - High Apr 15 and bull trigger
*RES 3: $1739.3 - High Apr 23
*RES 2: $1721.7 - High Apr 30 and intraday bull trigger
*RES 1: $1714.7 - High May4
*PRICE: $1688.2 @ 06:58 BST May 7
*SUP 1: $1670.7 - Low May 1
*SUP 2: $1659.6 - Low Apr 21 and key support
*SUP 3: $1654.4 - 50-day EMA
*SUP 4: $1640.9 - Low Apr 8
Gold traded lower yesterday but for now is holding above $1670.7 and more
importantly above key support at $1659.6, Apr 21 low. A breach of the latter
would signal a S/T reversal and expose $1640.90, Apr 8 low. An ability to hold
above $1659.6 and a break of $1721.7 Apr 30 high, would ease any bearish threat
and refocus attention on major resistance at $1747.4, Apr 14 high. Note a broad
daily triangle formation appears to be forming. This is a bullish signal.

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