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Rebound Extends

GOLD TECHS
  • RES 4: $1877.2 - High Nov 16 and key resistance
  • RES 3: $1871.0 - High Nov 18
  • RES 2: $1853.9 - High Jan 25 and the bull trigger
  • RES 1: $1836.5 - 76.4% retracement of the Jan 25 - 28 downleg
  • PRICE: $1827.5 @ 06:57 GMT Feb 9
  • SUP 1: $1805.6/1780.4 - Low Feb 7 / Low Jan 28 and the bear trigger
  • SUP 2: $1775.7 - Low Dec 16
  • SUP 3: $1753.7 - Low Dec 15 and a key support
  • SUP 4: $1746.0 - Low Oct 6

Gold has continued to strengthen this week. The recovery has resulted in a break of initial resistance at $1822.2, the Jan 27 high. A continuation higher would expose the firmer resistance at $1853.9, Jan 25 high. Recent attention has been on the break of a bull channel base drawn off the Aug 9 low. This highlighted a bearish threat plus a more significant reversal. A return lower would refocus attention on $1780.4, Jan 28 low and $1775.7, the Dec 16 low.

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