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Key S/T Resistance Remains Exposed

  • RES 4: $1877.2 - High Nov 16 and key resistance
  • RES 3: $1871.0 - High Nov 18
  • RES 2: $1849.1 - High Nov 22
  • RES 1: $1831.9 - High Jan 3 and key near-term resistance
  • PRICE: $1820.1 @ 07:18 GMT Jan 14
  • SUP 1: $1800.2 - Low Jan 11
  • SUP 2: $1787.4/82.8 - Channel base from Aug 9 low / Low Jan 7
  • SUP 3: $1753.7 - Low Dec 15 and a key support
  • SUP 4: $1746.0 - Low Oct 6

Gold conditions remain bullish. The yellow metal recently found support at the base of its bull channel drawn from the Aug 9 low - the Jan 7 low of $1782.8 and the recovery from this level means the yellow metal remains inside its bull channel. The recovery has exposed key resistance at $1831.9, Jan 3 high and a bull trigger. A reversal lower and a move below $1782.8 would instead highlight a channel breakout.

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