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Off Recent Highs *RES 4: $1501.5 -.......>

GOLD TECHS
GOLD TECHS: Off Recent Highs
*RES 4: $1501.5 - Channel top drawn off Sep 4 high
*RES 3: $1492.2 - High Nov 7
*RES 2: $1480.9 - 50% retracement of the Nov 1 - Nov 12 decline
*RES 1: $1478.9 - High Nov 20
*PRICE: $1467.3 @ 06:53 GMT Nov 22
*SUP 1: $1456.4 - Low Nov 18
*SUP 2: $1445.7 - Low Nov 12 and bear trigger
*SUP 3: $1436.8 - Low Aug 5
*SUP 4: $1423.0 - Projected channel base drawn off Sep 4 high
Despite the recent recovery, the outlook in Gold has remained bearish and signs
are that the correction has run its course. The break this month of key support
at $1474.1, Oct 11 low and $1459.1, Oct 1 low reinforced the bearish theme.
Furthermore, the break of the latter level confirmed a resumption of the move
lower that has been in place since prices peaked at $1557.1 on Sep 3. Attention
is on the bear trigger at $1445.7. Resistance is at $1492.2.

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