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$2000.00 Psychological Barrier Within Reach

GOLD TECHS
  • RES 4: $2065.4 - 2.382 proj of Dec '19 - Mar rally from Mar 16 low
  • RES 3: $2027.7 - 2.236 proj of Dec '19 - Mar rally from Mar 16 low
  • RES 2: $2000.0 - Psychological round number
  • RES 1: $1981.3 - High Jul 28 and all-time high
  • PRICE: $1976.3 @ 07:59 BST Jul 31
  • SUP 1: $1939.4 - Low Jul 30
  • SUP 2: $1907.0/1899.9 - Low Jul 28 / Low Jul 27
  • SUP 3: $1864.0 - 20-day EMA
  • SUP 4: $1841.2 - Low Jul 22

Despite some volatile price action Tuesday, Gold remains bullish. This week, the yellow metal has traded to a new all time high of $1981.3. A strong impulsive bull run has dominated despite being overbought and gold for now looks set to extend the current rally. The focus is on the psychological $2000.0 level. We are closely monitoring the current overbought reading and any signs of a top. Initial key support is at $1907.0.

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