Needle Points North
Jan-27 02:11By: Taso Anastasiou
Oil Bullets
- 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: $1870.4/1877.7 - High Nov 15 / High Jun 14
- PRICE: $1864.0 @ 07:14 GMT Nov 16
- SUP 1: $1822.4/1815.8 - Low Nov 10 / 20-day EMA
- SUP 2: $1797.3/1759.0 - 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 is unchanged. The yellow metal rallied sharply higher last week and the move higher resulted 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. 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. Support is seen at $1822.4, the Nov 10 low.
