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Key Support Still Intact

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16
  • RES 2: $1965.6 - High Nov 9 and the bull trigger
  • RES 1: $1904.8 - 50-day EMA
  • PRICE: $1888.1 @ 06:51 GMT Nov 11
  • SUP 1: $1850.5 - Low Nov 9
  • SUP 2: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $1818.0 - High Jul 8

Gold traded sharply lower Monday reflecting the risk-on mood in markets. While the sharp sell-off is bearish, we note that the yellow metal has yet to clear a key near-term support at $1848.80, Sep 28 low and a bear trigger. A breach of this support is required to confirm bearish conditions and open $1837.1, 38.2% retracement of the Mar - Aug rally. A stronger intraday recovery would expose $1965.6, Monday's high.

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