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Remains Above Its Key Support

GOLD TECHS
  • RES 4: $2135.4 - High Dec 4 and all-time high
  • RES 3: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 2: $2088.5 - High Jan 12 / High Dec 28
  • RES 1: $2065.5 - High Feb 01
  • PRICE: $2029.1 @ 07:14 GMT Feb 5
  • SUP 1: $2022.3/2001.9 - 20-day EMA / Low Jan 17
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold has pulled back from last week’s high but remains above the Jan 17 low of $2001.9. Recent short-term gains have improved a bullish condition and a continuation higher would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would refocus attention on $2001.9 where a break is required to reinstate the recent bearish theme.

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