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Rally Extends *RES 4: $1554.1 - High.....>

GOLD TECHS
GOLD TECHS: Rally Extends
*RES 4: $1554.1 - High Sep 5
*RES 3: $1535.7 - High Sep 24
*RES 2: $1530.8 - 76.4% retracement of the Sep 4 - Nov 12 decline
*RES 1: $1524.2 - Intraday high
*PRICE: $1523.1 @ 06:48 GMT Dec 31
*SUP 1: $1497.6 - Low Dec 26
*SUP 2: $1475.2 - Former channel top drawn off the Sep 14 high
*SUP 3: $1470.5 - Low Dec 18
*SUP 4: $1462.5 - Low Dec 13
Gold remains bullish. Last week saw the yellow metal trade through key
resistance at $1481.00. This marked the top of the bear channel drawn off the
Sep 14 high. The move represents an important technical break and was reinforced
by the subsequent breach of resistance at 1486.8, Dec 12 high. Furthermore,
price has also cleared the former key resistance at $1519.7, Oct 3 high. This
opens $1535.7 next, Sep 24 high. Initial support is at $1497.6.

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