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Recovery Stalls

GOLD TECHS
  • RES 4: $1903.1 - High Jun 11, 2021
  • RES 3: $1877.2 - High Nov 16 and key resistance
  • RES 2: $1871.0 - High Nov 18
  • RES 1: $1853.9 - High Jan 25 and the bull trigger
  • PRICE: $1814.5 @ 07:17 GMT Jan 27
  • SUP 1: $805.9 - Low Jan 18
  • SUP 2: $1794.1/82.8 - Channel base from Aug 9 low / Low Jan 7
  • SUP 3: $1753.7 - Low Dec 15 and a key support
  • SUP 4: $1746.0 - Low Oct 6

The rally in gold has stalled. Yesterday’s sharp sell-off exposes support at $1805.9, Jan 18 low and the base of the bull channel at $1794.1 - the channel is drawn off the Aug 9 low. For now, the move lower is considered corrective, however a break of the channel base will likely alter the picture and highlight a more significant reversal. For bulls, a break of $1853.9, Jan 25 high is required to reinstate the recent bull theme.

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