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Recovery Resumes

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 2: $1955.7 - High Sep 21
  • RES 1: $1933.3 - Intraday high
  • PRICE: $1928.7 @ 07:07 BST Oct 12
  • SUP 1: $1907.00 20-day EMA
  • SUP 2: $1873.0 - Low Oct 7
  • SUP 3: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold rallied Friday and managed to clear resistance at $1921.2, Oct 6 high. The break higher negates recent bearish signals and instead confirms a resumption of the uptrend that started on Sep 28. An extension higher would set the scene for a climb towards $1955.7, Sep 21 high and a firmer resistance at $1973.6, Sep 16 high. On the downside, initial key support is located at $1873.0, Oct 7 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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