Positive Short-Term Tone

• 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: $1788.2 @ 07:19 BST Oct 27
• SUP 1: $1777.7/1760.4 - 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 despite yesterday's pullback and remains above the 50-day EMA. The yellow metal recently cleared resistance at $1800.6, Oct 14 high and this highlights a short-term bullish theme. 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 instead suggest scope for a deeper pullback.