Trading At Recent Highs

• RES 4: $1927.7 - High Jan 7
• RES 3: $1917.6 - High Jan 8
• RES 2: $1892.7 - 76.4% retracement of the Jan 6 - Mar 8 sell-off
• RES 1: $1890.1 - High May 19
• PRICE: $1882.8 @ 07:17 BST May 24
• SUP 1: $1852.3/29.2 - Low May 19 / 20-day EMA
• SUP 2: $1808.9 - Low May 13
• SUP 3: $1798.8 - 50-day EMA
• SUP 4: $1764.3 - Low Apr 30

Gold traded higher last week, confirming a resumption of the underlying uptrend as the bullish price sequence of higher highs and higher lows extends. Price action has cleared $1851.5, a Fibonacci retracement and 1875.7, the Jan 29 high. Attention is on $1829.7, the 76.4% retracement of the Jan 6 - Mar 8 sell-off. On the downside, key short-term support has been defined at $1808.9, May 13 low. Initial support is at $1852.3, May 19 low.