Remains Below Monday’s High

• RES 4: $1877.2 - High Nov 16 and key resistance
• RES 3: $1871.0 - High Nov 18
• RES 2: $1849.1 - High Nov 22
• RES 1: $1831.9 - High Jan 3 and key near-term resistance
• PRICE: $1802.2 @ 07:12 GMT Jan 6
• SUP 1: $1798.5 - Low Jan 3
• SUP 2: $1781.5 - Channel base drawn from the Aug 9 low
• SUP 3: $1753.7 - Low Dec 15 and a key support
• SUP 4: $1746.0 - Low Oct 6

Gold traded sharply lower Monday and the yellow metal is trading near this week’s lows. In terms of price patterns, Monday appears to be a bearish engulfing candle but it remains to be seen whether this pattern is an early sign of a stronger bearish threat that would result in a break of support at $1753.7, Dec 15 low. For now, Monday’s high of $1831.9 and 1781.5, the channel base drawn from the Aug 9 low, mark the key S/T directional triggers.