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Pierces Key Resistance

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: $2018.2 - High Nov 27
  • PRICE: $2016.1 @ 07:14 GMT Nov 28
  • SUP 1: $1977.8/1954.7 - 20- and 50-day EMA
  • SUP 2: $1931.7 - Low Nov 13 and key support
  • SUP 3: $1908.3 - Low Oct 16
  • SUP 4: $1868.8 - Low Oct 13

The trend condition in Gold remains bullish and last week’s gains reinforce this set-up. The yellow metal has started this week on a bullish note and traded through resistance at $2009.4, the Nov 7 high. A clear break of this hurdle would confirm a resumption of the uptrend and open $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a reversal. Initial support lies at $1977.8, the 20-day EMA.

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