Bullish Engulfing Candle Still In Play

• RES 4: $1899.2 - High Nov 16
• RES 3: $1872.5 - 50-day EMA
• RES 2: $1848.8 - Low Sep 28 and recent breakout level
• RES 1: $1837.4 - High Nov 26
• PRICE: $1834.7 @ 07:05 GMT Dec 3
• SUP 1: $1807.5 - Low Dec 2
• SUP 2: $1764.8 - Low Nov 30 and the bear trigger
• SUP 3: $1763.5 - 50.0% retracement of the Mar - Aug rally
• SUP 4: $1747.6 - Low Jun 26

Gold has recovered this week and defined a key near-term support at $1764.8, Nov 30 low. Tuesday's price action is a bullish engulfing Japanese candle line and highlights a possible reversal. If correct, this signals scope for a climb towards $1844.5, the 20-day EMA and the former key support at $1848.80, the Sep 28 low. On the downside, a move below $1764.8 would confirm a resumption of the downtrend.