Trading In A Range

• RES 4: $1909.7 - High Jun 3
• RES 3: $1903.8 - High Jun 8
• RES 2: $1877.2/85.4 High Nov 16 / Bull channel top
• RES 1: $1815.6/49.1 - High Nov 26 / High Nov 22
• PRICE: $1791.5 @ 07:20 GMT Nov 30
• SUP 1: $1778.7 - Low Nov 24
• SUP 2: $1759.0 - Low Nov 3 and a key support
• SUP 3: $1758.8 - Bull Channel base drawn from the Aug 9 low
• SUP 4: $1721.7 - Low Sep 29 and a key support

Gold is still consolidating but remains vulnerable. The yellow metal sold off sharply early last week extending the move lower from $1877.2, the Nov 16 high. Price has also traded below the 20- and the 50-day EMAs. The clear breach of these averages suggests scope for a deeper pullback and attention is on the base of a bull channel at $1758.8. The channel is drawn off the Aug 9 low. Initial resistance is at $1815.6, the Nov 26 high.