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$2000 Psychological Barrier Gets Closer

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: $1988.4 - High Aug 3 and all-time high
  • PRICE: $1976.1 @ 06:57 BST Aug 4
  • SUP 1: $1939.4 - Low Jul 30
  • SUP 2: $1907.0/1899.9 - Low Jul 28 / Low Jul 27
  • SUP 3: $1893.2 - 20-day EMA
  • SUP 4: $1841.2 - Low Jul 22

Gold gapped higher at the Monday open, hitting new record levels of 1,988.40 to narrow the gap with key psychological resistance at $2,000. This keeps the strong impulsive bull run in tact for now, despite overbought technical signals. 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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