Probes Key Near-Term Resistance

• RES 4: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
• RES 3: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
• RES 2: $1980.3 - 50.0% retracement of the Mar 8 - 29 downleg
• RES 1: $1969.6 - High Apr 11
• PRICE: $1957.4 @ 07:20 BST Apr 12
• SUP 1: $1913.0 - 50-day EMA
• SUP 2: $1890.2 - Low Mar 29 and a bear trigger
• SUP 3: $1878.4 - Low Feb 24
• SUP 4: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally

Gold traded higher yesterday and probed initial resistance at $1966.1, the Mar 24 high. A clear breach of this hurdle would signal a range breakout and suggest scope for an extension of short-term gains. This would open $1980.3 and $2001.6, Fibonacci retracement levels. On the downside, key support has been defined at $1890.2, the Mar 29 low. A breach of this support would reinstate a bearish threat.