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Short-Term Directional Triggers Defined

GOLD TECHS
  • 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: $1805.7 @ 08:15 GMT Jan 4
  • SUP 1: $1798.5 - Low Jan 3
  • SUP 2: $1779.8 - Channel base from 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 yesterday. In terms of price patterns, the sell-off appears to be a bearish engulfing candle but it remains to be seen whether this pattern is an early sign of a stronger bearish reversal that would result in a break of support at $1753.7, the Dec 15 low. For now, yesterday’s high of $1831.9 and 1779.8, the channel base drawn from the Aug 9 low, mark the key short-term directional triggers.

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