Off Recent Highs

• RES 4: $1959.4 - High Jan 6 and the bull trigger
• RES 3: $1917.6 - High Jan 8
• RES 2: $1900.3 - 61.8% retracement of the Jan 6 - 11 rally
• RES 1: $1882.0 - 50.0% retracement of the Jan 6 - 11 rally
• PRICE: $1849.25 @ 07:04 GMT Jan 27
• SUP 1: $1832.6 - Low Jan 20
• SUP 2: $1804.7 - Low Jan 18 and key support
• SUP 3: $1800.0 - Round number support
• SUP 4: $1775.9 - Low Dec 1

Gold is off recent highs. Gains on Jan 20 signals a potential reversal of the recent sell-off between Jan 6 - 18. Price has also tested the area of resistance highlighted by the 20- and 50-day EMAs where a clear break would strengthen a bullish argument and open $1900.3, a retracement level. On the downside, key support has been defined at $1804.7, Jan 18 low. A break would resume a bearish theme. Initial support lies at $1832.6.