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Testing The 50-Day EMA

GOLD TECHS
  • RES 4: $1909.7 - High Jun 3
  • RES 3: $1903.8 - High Jun 8
  • RES 2: $1877.2/81.2 High Nov 16 / Bull channel top
  • RES 1: $1849.1 - High Nov 22
  • PRICE: $1804 1 @ 07:00 GMT Nov 23
  • SUP 1: $1802.4 - Intraday low
  • SUP 2: $1785.1 - Low Nov 5
  • SUP 3: $1759.0 - Low Nov 3 and a key support
  • SUP 4: $1753.7 - Bull Channel base drawn from the Aug 9 low

Gold remains vulnerable. The yellow metal sold off sharply yesterday as it pulled further away from $1877.2, the Nov 16 high. Price has moved back below the 20-day EMA and attention is on the 50-day EMA at $1805.9. A clear breach of this EMA would suggest scope for a deeper pullback towards $1785.1, Nov 5 low and possibly the base of a bull channel at $1754.6. The channel is drawn off the Aug 9 low. Initial resistance is at $1849.1.

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