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Northbound

GOLD TECHS


  • RES 4: $2063.0 - High May 4 and a key resistance
  • RES 3: $2048.2 - High May 10
  • RES 2: $2022.2 - High May 15
  • RES 1: $2009.4 - High Oct 27
  • PRICE: $1995.3 @ 07:18 BST Oct 31
  • SUP 1: $1943.2 - 20-day EMA
  • SUP 2: $1945.3/1924.4 - Low Oct 19 / 50-day EMA
  • SUP 3: $1868.8 - Low Oct 13
  • SUP 4: $1844.3 - Low Oct 9

Gold conditions are unchanged - the metal remains firm and traded to a fresh cycle high last Friday. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, the May 15 high. Initial firm pivot support lies at $1924.4, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

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