SECURITY: Trump Walks Back Tariff Threat, Cites Greenland Framework With Rutte

• 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.

• RES 4: 121.33 High Oct 21 and a key resistance area 
• RES 3: 121.37 High Nov 13 
• RES 2: 121.24 High Nov 26 
• RES 1: 120.34/77 High Dec 17 / 3   
• PRICE: 119.53 @ Close Dec 22
• SUP 1: 119.45 Low Dec 22           
• SUP 2: 119.13 Low Dec 10 and the bear trigger 
• SUP 3: 118.00 Round number support
• SUP 4: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing 

Recent gains in BTP futures appear to have been a correction. The contract did trade above initial resistance at 120.17, the Nov 20 low. A resumption of gains would signal scope for an extension towards 120.77, the Dec 3 high. On the downside, attention is on key support at 119.13, the Dec 10 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend.