Short-Term Bullish Theme

• RES 4: $2059.2 - High Mar 9
• RES 3: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
• RES 2: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
• RES 1: $1998.4 - High Apr 18
• PRICE: $1995.7 @ 14:06 BST Apr 18
• SUP 1: $1942.6/17.5 - 20-day EMA / 50-day EMA
• SUP 2: $1890.2 - Low Mar 29 and a bear trigger
• SUP 3: $1878.4 - Low Feb 24
• SUP 4: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally

Gold trades well to kick off the new week. The short-term outlook is bullish following last week’s move above $1966.1, the Mar 24 high. The breach highlights a range breakout and suggests scope for an extension of current short-term gains. The focus is on $2001.6 next, a Fibonacci retracement. On the downside, key support has been defined at $1890.2, the Mar 29 low. A breach of this support would reinstate a bearish threat.