Move Higher Is Likely A Correction.......>

GOLD TECHS: Move Higher Is Likely A Correction

*RES 4: $1535.8 - High Sep 24

*RES 3: $1526.5 - Trendline resistance established off the Sep 4 high

*RES 2: $1512.6 - High Sep 26

*RES 1: $1505.2 - High Oct 2

*PRICE: $1498.3 @ 07:00 BST Oct 3

*SUP 1: $1459.0 - Low Oct 1

*SUP 2: $1445.8 - 38.2% retracement of Apr 24 - Sep 4 rally

*SUP 3: $1430.3 - Low Aug 2

*SUP 4: $1411.4 - 50.0% retracement of Apr 24 - Sep 4 rally

Gold rallied yesterday as a risk-off mood set in. It is too early to tell

whether the bounce is a correction or the start of a stronger recovery that will

see the broader bull trend resume. A key resistance resides at $1526.5. This is

the trendline resistance established off the Sep 4 high. A break would be

bullish. For now, the recent move higher is viewed as a correction while $1526.5

remains intact. A turn lower is seen likely, the focus is on a $1459.0 retest.