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Resistance Remains Intact

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: $2062.3/2088.5 - High Jan 12 / High Dec 28
  • RES 1: $2039.4 - High Jan 19
  • PRICE: $2031.0 @ 07:14 GMT Jan 29
  • SUP 1: $2001.9 - 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 remains in consolidation mode and continues to trade above the Jan 17 low of $2001.9. The recent print below the 50-day EMA and the break of support at $2013.4, the Jan 11 low, has strengthened a bearish threat and a resumption of weakness would open a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.

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