GOLD TECHS: Northbound

• RES 4: $2048.2 - High May 10
• RES 3: $2022.2 - High May 15
• RES 2: $2003.4 - 76.4% retracement of the May 4 - Oct 6 bear leg
• RES 1: $1997.2 - High Oct 20
• PRICE: $1976.4 @ 07:13 BST Oct 23
• SUP 1: $1945.3/1907.7 - Low Oct 19 / 50-day EMA
• SUP 2: $1868.8 - Low Oct 13
• SUP 3: $1844.3 - Low Oct 9
• SUP 4: $1810.5 - Low Oct 6 and a key support

Gold traded higher last week, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, a Fibonacci retracement point. Initial firm pivot support lies at $1907.7, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.