GOLD TECHS: Trend Needle Points North

• RES 4: $70.16 - High Jun 23 and a key medium-term resistance 
• RES 3: $64.97 - High Sep 26
• RES 2: $61.25 - High Oct 24 and a key resistance  
• RES 1: $58.71 - 50-day EMA    
• PRICE: $57.83 @ 07:17 GMT Dec 23
• SUP 1: $54.89 - Low Dec 16
• SUP 2: $54.71 - Low Apr 9 and a key support
• SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

The trend condition in WTI futures remains bearish and short-term gains are considered corrective. MA studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $56.11, the Oct 17 low, has been breached. Clearance of this level resumes the downtrend and opens $53.77, a Fibonacci projection. Key short-term resistance to watch is $61.25, the Oct 24 high. First resistance is at $58.71, the 50- day EMA.

• RES 4: $4578.3 - 1.618 proj of the Oct 28 - Nov 13 - Nov 18 swing
• RES 3: $4536.0 - 1.500 proj of the Oct 28 - Nov 13 - Nov 18 swing 
• RES 2: $4500.0 - Round number resistance 
• RES 1: $4497.7 - Intraday high                    
• PRICE: $4482.9 @ 07:16 GMT Dec 23 
• SUP 1: $4259.9 - 20-day EMA 
• SUP 2: $4170.3 - Low Dec 9 
• SUP 3: $4128.6 - 50-day EMA 
• SUP 4: $3998.1 - Low Nov 18

The trend structure in Gold is unchanged, it remains bullish and another fresh cycle high reinforces current conditions. The break higher confirms a resumption of the primary uptrend. The metal has traded through the psychological $4400.0 handle and this opens $4500.0 next, ahead of $4536.0, a Fibonacci projection. Initial firm support to watch lies at $4259.9, the 20-day EMA. A pullback would be considered corrective.

• RES 4: $70.86 - 76.4% retracement of the Jun 23 - Oct 17 bear leg  
• RES 3: $70.33 - High Jul 30
• RES 2: $68.86 - High Sep 26 and a key resistance 
• RES 1: $62.62/65.25 - 50-day EMA / High Oct 24 
• PRICE: $61.94 @ 06:59 GMT Dec 23 
• SUP 1: $58.72 - Low Dec 16   
• SUP 2: $58.11 - Low Apr 9 and a key support
• SUP 3: $87.72 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $56.22 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

A bearish theme in Brent futures remains present and for now, the latest recovery is considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. A resumption of the bear cycle would open $58.11, the Apr 9 low. On the upside, key short-term resistance to watch is $65.25, the Oct 24 high. First resistance is $62.62, the 50-day EMA.