MNI China Daily Summary: Thursday, December 12

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Watching Support At The 50-Day EMA

GOLD TECHS
  • RES 4: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2383.8 - High May 23
  • PRICE: $2343.4 @ 07:14 BST May 31
  • SUP 1: $2307.0 - 50- day EMA
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

A short-term bear cycle Gold remains in play, for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.0, represents a key support.

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