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Remains Inside Its Bull Channel

  • 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: $1811.6/31.9 - High Jan 6 / High Jan 3 and key resistance
  • PRICE: $1809.7 @ 07:17 GMT Jan 11
  • SUP 1: $1784.0/82.8 - Channel base from Aug 9 low / Low Jan 7
  • SUP 2: $1753.7 - Low Dec 15 and a key support
  • SUP 3: $1746.0 - Low Oct 6
  • SUP 4: $1721.7 - Low Sep 29

Gold has managed to remain inside its bull channel drawn from the Aug 9 low - Friday’s low of $1782.8 and the recovery from this level means the channel base has provided support. The subsequent recovery and today’s gains signal scope for a climb towards key near-term resistance at $1831.9, the Jan 3 high. A reversal lower and a move below Friday’s low would instead highlight a bearish threat and a channel breakout.

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