BUND TECHS: (H6) Trading Below Its Recent Highs

• RES 4: 1.3661 High Sep 18    
• RES 3: 1.3607 2.764 proj of the Nov 4 - 13 - 20 price swing 
• RES 2: 1.3557 76.4% retracement of the Sep 17 - Nov 4 bear leg
• RES 1: 1.3534 Intraday high
• PRICE: 1.3520 @ 05:51 GMT Dec 24
• SUP 1: 1.3456 High Dec 16
• SUP 2: 1.3351/14 20- and 50-day EMA values
• SUP 3: 1.3288 Low Dec 9 
• SUP 4: 1.3180 Low Dec 2     

The trend condition in GBPUSD remains bullish and this week’s gains reinforce current conditions. The pair has traded to a fresh short-term cycle high, confirming a resumption of the uptrend that started early November. Note that moving average studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3557, a Fibonacci retracement. Firm support lies at 1.3314, the 50-day EMA.

• RES 4: 1.1936 2.382 proj of the Nov 5 - 13 - 21 price swing   
• RES 3: 1.1919 - High Sep 17 and a key M/T resistance
• RES 2: 1.1848 High Sep 18
• RES 1: 1.1813 76.4% retracement of the Sep 17 - Nov 5 bear leg
• PRICE: 1.1799 @ 05:44 GMT Dec 24
• SUP 1: 1.1694 20-day EMA 
• SUP 2: 1.1654 50-day EMA 
• SUP 3: 1.1615 Low Dec 9 
• SUP 4: 1.1591 Low Dec 2

The trend in EURUSD remains bullish and this week’s gains reinforce current conditions. The first important support lies at 1.1694, the 20-day EMA. A clear breach of this average would signal scope for a deeper retracement, allowing an overbought condition to unwind. Key short-term resistance at 1.1804, the Dec 16 high, has been pierced. Clearance of this hurdle would confirm a resumption of the uptrend.

• Gold has rallied again today, up +16 to US$4,500.50 a new high..  
• Whilst overnight US data may have extended the outlook for rate cuts, the geopolitical uncertainty from the escalation with Venezuela was enough to boost the precious metal.  
• 2025 has seen numerous Central Banks increasing their gold holdings, with some stating openly of their desire to diversify away from the USD.
• Investors have followed the lead of Central Banks with gold backed ETF's enjoying a rise in holdings for eleven out of the twelve months of the year.  
• Gold is up 72% year to date in a record breaking year.  At the beginning of the year the prospect for some forecasters of a break above USD$4,000 seemed unimaginable only to see forecasts recalibrated by October.  
• As we approach year end, Gold remains overbought on the 14-day relative strength index with catalysts for a correction hard to find for now.