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Support Remains Intact

GOLD TECHS
  • RES 4: $1959.4 - High Jan 6 and the bull trigger
  • RES 3: $1917.6 - High Jan 8
  • RES 2: $1900.3 - 61.8% retracement of the Jan 6 - 11 rally
  • RES 1: $1882.0 - 50.0% retracement of the Jan 6 - 11 rally
  • PRICE: $1855.20 @ 07:11 GMT Jan 26
  • SUP 1: $1832.6 - Low Jan 20
  • SUP 2: $1804.7 - Low Jan 18 and key support
  • SUP 3: $1800.0 - Round number support
  • SUP 4: $1775.9 - Low Dec 1

Strong gains in Gold Jan 20 signal a potential reversal of the recent sell-off between Jan 6 - 18. Price has also tested the area of resistance highlighted by the 20- and 50-day EMAs where a clear break would strengthen a bullish argument and set the scene for a climb towards $1900.3, a retracement level. On the downside, key support has been defined at $1804.7, Jan 18 low. A break would resume a bearish theme. Initial support lies at $1832.6.

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