Key Near-Term Resistance Is At $1588.7...>

GOLD TECHS: Key Near-Term Resistance Is At $1588.7

*RES 4: $1611.4 - High Jan 8 and key resistance

*RES 3: $1600.0 - Round number resistance

*RES 2: $1593.6 - 76.4% retracement of the Jan 8 - Jan 14 decline

*RES 1: $1588.7 - High Jan 27 and initial bull trigger

*PRICE: $1573.4 @ 06:46 GMT Jan 31

*SUP 1: $1563.5 - Low Jan 29 and initial bear trigger

*SUP 2: $1556.6 - Low Jan 24

*SUP 3: $1546.0 - Low Jan15

*SUP 4: $1536.0 - Low Jan 14 and bear trigger

Gold found support at Wednesday's $1563.5 low. A key S/T resistance has been

defined at $1586.7, Jan 27 high. A break is required to refocus attention on

gains that would open $1600.0 and the major level at $1611.4, Jan 8 high. A

bearish engulfing reversal candle marks Tuesday's activity. This is a potential

bearish threat and would be reinforced if support at $1563.5 gives way. So for

now, $1586.7 and $1563.5 remain the key near-term directional triggers.