GOLD TECHS: Trading Closer To Its Recent Lows

Jan-12 07:20By: Taso Anastasiou
  • RES 4: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2135.4 - High Dec 4 and all-time high
  • RES 2: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 1: $2064.0/2088.5 - High Jan 5 / High Dec 28
  • PRICE: $2035.9 @ 07:18 GMT Jan 12
  • SUP 1: $2013.8 - 50-day EMA
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold is trading closer to its recent lows following the pullback from $2088.5, the Dec 28 high. Price is also trading ahead of key support at $2013.2 the 50-day EMA. A break of this level, if seen, would expose key support at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4.