Resumes Its Uptrend

• RES 4: $1903.1 - High Jun 11, 2021
• RES 3: $1877.2 - High Nov 16 and key resistance
• RES 2: $1871.0 - High Nov 18
• RES 1: $1853.9 - High Jan 25
• PRICE: $1847.0 @ 07:12 GMT Jan 26
• SUP 1: $1828.6/1805.9 - Low Jan 25 / Low Jan 18
• SUP 2: $1793.3/82.8 - Channel base from Aug 9 low / Low Jan 7
• SUP 3: $1753.7 - Low Dec 15 and a key support
• SUP 4: $1746.0 - Low Oct 6

Gold short-term conditions remain bullish following last Wednesday’s strong rally. The yellow metal traded higher yesterday to resume its uptrend and has cleared resistance at $1848.00, 76.4% of the Nov 16 - Dec 15 downleg. The break higher reinforces bullish conditions following the recent recovery from the base of its bull channel drawn from the Aug 9, 2021 low. The focus is on $1871.0, Nov 18 low. Support is seen at $1828.6, Jan 21 low.