GOLD TECHS: Support Remains Intact
Nov-08 07:15By: Taso Anastasiou
- RES 4: $2063.0 - High May 4 and a key resistance
- RES 3: $2048.2 - High May 10
- RES 2: $2022.2 - High May 15
- RES 1: $2009.4 - High Oct 27 and the bull trigger
- PRICE: $1966.9 @ 07:13 GMT Nov 8
- SUP 1: $1956.8 - Low Nov 7
- SUP 2: $1936.6 - 50-day EMA
- SUP 3: $1868.8 - Low Oct 13
- SUP 4: $1844.3 - Low Oct 9
The uptrend in Gold remains intact and the latest pullback appears to be a correction. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, May 15 high. Initial firm pivot support lies at $1936.6, the 50-day EMA. Clearance of this level is required to signal a short-term top.
