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GOLD TECHS: Trading In A Tight Range
*RES 4: $1557.3 - Trend high Sep 4
*RES 3: $1535.8 - High Sep 24
*RES 2: $1519.8 - High Oct 3
*RES 1: $1503.4 - Channel resistance drawn off Sep 4 high
*PRICE: $1489.7 @ 06:38 BST Oct 23
*SUP 1: $1473.9 - Low Oct 11
*SUP 2: $1459.0 - Low Oct 1 and bear trigger
*SUP 3: $1445.8 - 38.2% retracement of Apr 24 - Sep 4 rally
*SUP 4: $1430.3 - Low Aug 2
Gold continues to trade in a relatively tight range as the yellow metal
consolidates. Price has most recently pulled away from the bear channel top
drawn off the Sep 4 high that intersects at $1503.4 today. The focus is on a
move lower with attention on $1473.9, Oct 11 low. A break would open $1459.0.
The condition for a stronger recovery and, to extend the rally off the Oct low
remains a channel breakout. This would open $1535.8 and $1557.3.