GOLD TECHS: Trend Condition Remains Bullish
Nov-20 07:20By: 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 Nov 7 / High Oct 27 and the bull trigger
- PRICE: $1979.8 @ 07:19 GMT Nov 20
- SUP 1: $1943.4/1908.3 - 50-day EMA / Low Oct 16
- SUP 2: $1868.8 - Low Oct 13
- SUP 3: $1844.3 - Low Oct 9
- SUP 4: $1810.5 - Low Oct 6 and key support
The trend condition in Gold remains bullish and recent gains reinforce this condition. Furthermore, MA studies are in a bull-mode set-up, highlighting a rising trend cycle. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1943.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.
