Strong Bounce
Nov-07 07:06By: Taso Anastasiou
Oil Bullets+ 1
- RES 4: $1745.6 - High Aug 29
- RES 3: $1729.5 - High Oct 4 and the bull trigger
- RES 2: $1714.8 - High Oct 7
- RES 1: $1682.1 - High Nov 4
- PRICE: $1670.0 @ 07:04 GMT Nov 7
- SUP 1: $1655.6/1615.0 - Low Sep 28 and a bear trigger
- SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
- SUP 3: $1600.00 - Round number support
- SUP 4: $1569.1 - Low Apr 1 2020
Gold found support Friday and ended the week on a bullish note, closing at the day's high. The rally Friday resulted in a print above the 50-day EMA at $1679.2. A clear breach of the 50-day EMA would signal a short-term reversal and suggests potential for further gains near-term. This would open $1714.8, the Oct 7 high. Key support is unchanged at $1615.0, the Sep 28 low. A break of this support would resume the recent downtrend.
