Bullish Theme Remains Intact

Jan-27 02:06By: Taso Anastasiou
Oil Bullets+ 1
  • RES 4: $1916.6 - High Jun 1 and a key resistance
  • RES 3: $1909.7 - High Jun 3
  • RES 2: $1903.8 - High Jun 8
  • RES 1: $1877.7 - High Jun 14
  • PRICE: $1865.3 @ 07:18 GMT Nov 18
  • SUP 1: $1822.4 - Low Nov 10
  • SUP 2: $1802.1/1759.0 - 50-day EMA / Low Nov 3 and a key support
  • SUP 3: $1746.0 - Low Oct 6
  • SUP 4: $1721.7 - Low Sep 29 and the bear trigger

Gold remains bullish. The yellow metal rallied sharply higher last week resulting in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further strength near-term. Note too that gold has also breached $1863.3, 76.4% of the Jun - Aug sell-off. The focus is on $1877.7 next, Jun 14 high and $1903.8, Jun 8 high. Support is seen at $1822.4, Nov 10 low.