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Key Support Remains Exposed

GOLD TECHS
  • RES 4: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
  • RES 3: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
  • RES 2: $1998.4 - High Apr 18 and a bull trigger
  • RES 1: $1945.1 - 20-day EMA
  • PRICE: $1904.3 @ 07:19 BST Apr 26
  • SUP 1: $1890.2 - Low Mar 29 and a bear trigger
  • SUP 2: $1878.4 - Low Feb 24
  • SUP 3: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 4: $1821.1 - Low Feb 11

Gold traded lower Monday and the yellow metal cleared support at the 50-day EMA. The pullback from last week’s high of $1998.4 (Apr 18), highlights a bearish threat and attention is on key support that lies at $1890.2, the Mar 29 low. This level also represents an important bear trigger. A break would open $1878.4 initially, the Feb 24 low. On the upside, $1998.4 has been defined as a key resistance.

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