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50-day EMA Remains Intact

  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High Feb 25
  • RES 2: $1775.9 - High Feb 26
  • RES 1: $1759.2 - 50-day EMA
  • PRICE: $1738.3 @ 07:00 GMT Apr 12
  • SUP 1: $1721.4 - Low Apr 5
  • SUP 2: $1705.9 - Low Apr 1
  • SUP 3: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold traded higher last week extending the recovery from $1678.0, Mar 31 low. The yellow metal has probed $1755.5, Mar 18 high and attention is on the 50-day EMA at $1759.2. A clear break of the $1755.5-59.2 zone is required to signal scope for a stronger recovery and place the recent bearish focus on hold. This would open $1805.7, the Feb 25 high. Key support and the bear trigger remains $1676.9, Mar 8 low. Initial firm support is at $1721.4.

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