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GOLD TECHS: Uptrend extends
*RES 4: $1617.1 - High Apr 2013
*RES 3: $1600.0 - Psychological round number
*RES 2: $1587.0 - 61.8% retracement of the 2011 to 2015 decline
*RES 1: $1535.1 - High Aug 13
*PRICE: $1497.8 @ 07:32 BST Aug 14
*SUP 1: $1479.7 - Low Aug 13
*SUP 2: $1471.4 - Low Aug 7
*SUP 3: $1453.1 - High Jul 19
*SUP 4: $1422.8 - Trendline support drawn off the May 30 low
Gold traded in a choppy fashion yesterday however, the bullish outlook remains
intact. With the December 2011 low at $1522.8 and May 2012 low of $1527.0
cleared, the focus shifts to $1587.0. This is the 61.8% retracement of the 2011
to 2015. Overbought conditions in momentum continue to provide little concern
for bulls and this in turn reinforces the underlying bullish sentiment. Support
lies at $1479.7, a break would allow for a short-term correction.