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GOLD TECHS: Still Looking For Weakness

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
  • RES 3: $2664.5 - High Dec 16
  • RES 2: $2726.2 - High Dec 12    
  • RES 1: $2637.3/2692.8 - 50-day EMA / High Dec 13     
  • PRICE: $2607.7 @ 07:22 GMT Dec 31 
  • SUP 1: $2583.6 - Low Dec 19   
  • SUP 2: $2564.4 - Low Nov 18
  • SUP 3: $2536.9 - Low Nov 14 and a key support 
  • SUP 4: $2511.1 - Low Sep 12  

A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. MA studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2637.3, the 50-day EMA. A breach of this EMA would be positive for bulls.

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  • RES 4: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
  • RES 3: $2664.5 - High Dec 16
  • RES 2: $2726.2 - High Dec 12    
  • RES 1: $2637.3/2692.8 - 50-day EMA / High Dec 13     
  • PRICE: $2607.7 @ 07:22 GMT Dec 31 
  • SUP 1: $2583.6 - Low Dec 19   
  • SUP 2: $2564.4 - Low Nov 18
  • SUP 3: $2536.9 - Low Nov 14 and a key support 
  • SUP 4: $2511.1 - Low Sep 12  

A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. MA studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2637.3, the 50-day EMA. A breach of this EMA would be positive for bulls.