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Long-Term Fibo Convincingly Breached.....>

GOLD TECHS
GOLD TECHS: Long-Term Fibo Convincingly Breached
*RES 4: $1640.8 - High Jun 6, 2012
*RES 3: $1620.1 - High Feb 26 2013
*RES 2: $1616.9 - 1.236 projection of the Jan 14 - Feb 3 rally from Feb 5 low
*RES 1: $1611.4 - High Jan 8 and key resistance
*PRICE: $1609.3 @ 08:42 GMT Feb 19
*SUP 1: $1592.1 - High Feb 3 and former resistance
*SUP 2: $1587.0 - 61.8% retracement of 2011 to 2015 decline
*SUP 3: $1573.2 - Low Feb 14
*SUP 4: $1561.9 - Low Feb 12 and key near-term support
Gold has finally convincingly broken through the 61.8% retracement of the 2011
to 2015 decline. At the time of writing we are challenging the intraday high
seen following Iran's airstrike on an airbase in Iraq which housed US troops. A
move above here sees the next key resistance at the high of June 6 2012 at
$1640.8. On the downside, we would need to see a breach of $1561.9, Feb 12 low
to reinstate a bearish threat.

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