GOLD TECHS: Bullish Trend Structure

• RES 4: 181.07 Top of a bull channel drawn from the Feb 28 low  
• RES 3: 180.00 Psychological round number
• RES 2: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
• RES 1: 178.23 High Oct 27 / Record High  
• PRICE: 176.87 @ 07:30 GMT Oct 29
• SUP 1: 176.13 20-day EMA
• SUP 2: 174.53 50-day EMA 
• SUP 3: 173.92 Low Oct 6 and a gap high on the daily chart   
• SUP 4: 173.24 High Oct 3 and a gap low on the daily chart 

The trend structure in EURJPY is bullish and Monday’s fresh cycle high reinforces current conditions. Resistance and the bull trigger at 177.94, the Oct 10 high has been cleared, confirming a resumption of the primary uptrend. 178.94, a Fibonacci projection, is the next key upside level. First support to watch lies at 176.13, the 20-day EMA. Support at the 50-day EMA is at 174.53.

• RES 4: $71.47 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.68 - High Jul 30
• RES 2: $65.77/68.43 - High Sep 26 and key resistance 
• RES 1: $62.59 - High Oct 24    
• PRICE: $60.45 @ 07:15 GMT Oct 29
• SUP 1: $59.64/55.96 - Low Oct 23 / 20 
• SUP 2: $54.85 - Low May 5
• SUP 3: $54.16 - Low Apr 9 and a key support
• SUP 4: $53.23 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

Recent gains in WTI futures appear corrective for now, however, note that price has traded through the 50-day EMA, at $61.10 The breach of this average signals scope for a stronger recovery. A resistance at $62.34, the Oct 8 high, has also been pierced. A clear break of it would expose key resistance at $65.77, the Sep 26 high. Key support and the bear trigger has been defined at $55.96, the Low Oct 20.

• RES 4: $4443.8 - 3.618 proj of the May 15 - Jun 16 - 30 price swing
• RES 3: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing 
• RES 2: $4400.0 - Round number resistance
• RES 1: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger                
• PRICE: $3996.3 @ 07:20 GMT Oct 29
• SUP 1: $3900.0 - 38.2% retracement of the May 15 - Oct 20 bull leg  
• SUP 2: $3886.6 - Low Oct 28
• SUP 3: $3819.6 - Low Oct 2
• SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg

Gold traded lower Tuesday as it extends the bear cycle that started Oct 20. Note that the trend is overbought and the deeper retracement is allowing this condition to unwind. Support at the 20-day EMA, at $4037.0, has been breached, signalling scope for a deeper retracement, towards the 50-day EMA, at $3842.8. Key resistance and the bull trigger has been defined at $4381.5, the Oct 20 high. Initial resistance is at $4161.4, the Oct 22 high.