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Trend Outlook Remains Bearish

GOLD TECHS
  • RES 4: $1745.6 - High Sep 29
  • RES 3: $1735.1 - High Sep 12 and a key resistance
  • RES 2: $1729.5 - High Oct 4 and the bull trigger
  • RES 1: $1684.0/1700.3 - High Oct 11 / 50-day EMA
  • PRICE: $1646.6 @ 07:12 BST Oct 19
  • SUP 1: $1640.2 - Low Oct 14
  • SUP 2: $1615.0 - Low Sep 28 and the bear trigger
  • SUP 3: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 4: $1569.1 - Low Apr 1 2020

Gold is unchanged. The yellow metal maintains a softer tone following the recent reversal from $1729.5, the Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. An extension lower would expose the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, a break of $1729.5 is required to reinstate a bullish theme.

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