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Positive Short-Term Tone

GOLD TECHS
  • RES 4: $1863.3 - 76.4% retracement of the Jun - Aug sell-off
  • RES 3: $1844.9 - Low Jun 14
  • RES 2: $1834.0 - High Sep 3 and the bull trigger
  • RES 1: $1813.8 - High Oct 22 and key short-term resistance
  • PRICE: $1805.7 @ 07:18 BST Oct 26
  • SUP 1: $1776.1/1760.4 - 50-day EMA / Low Oct 18
  • SUP 2: $1746.0 - Low Oct 6 and key near-term support
  • SUP 3: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 4: $1717.8 - Low Aug 10

Gold maintains a positive short-term tone. The yellow metal has cleared resistance at $1800.6, Oct 14 high and this highlights a short-term bullish theme and has removed recent bearish concerns. Further gains would open $1834.0, the Sep 3 high. On the downside, a key short-term support has been defined at $1760.4, the Oct 18 low. A break would alter the picture and suggest scope for a deeper pullback.

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