Weekly Highs Under Pressure

• RES 4: $1765.5 - High Aug 25
• RES 3: $1745.6 - High Sep 29
• RES 2: $1735.1 - High Sep 12 and a key resistance
• RES 1: $1729.5 - High Oct 4
• PRICE: $1723.6 @ 08:46 BST Oct 6
• SUP 1: $1695.2/1659.7 - Former trendline resistance / Low Oct 3
• SUP 2: $1615.0 - Low Sep 28 and the bear trigger
• SUP 3: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
• SUP 4: $1569.1 - Low Apr 1 2020

Gold has traded sharply higher this week reinforcing the current short-term bull cycle. The rally has resulted in a break of the 20-day EMA. Note that the yellow metal has cleared a trendline resistance drawn from the Mar 8 high. The trendline intersects at $1695.2. Sights are on $1735.1, the Sep 12 high and a key short-term resistance. Initial support is at $1695.2, the former trendline resistance-now-support.