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Approaching Former Key Support

GOLD TECHS
  • RES 4: $1899.2 - High Nov 16
  • RES 3: $1888.9 - 61.8% retracement of the Nov 9 - 30 sell-off
  • RES 2: $1871.3 - 50-day EMA
  • RES 1: $1848.8 - Low Sep 28 and recent breakout level
  • PRICE: $1843.1 @ 07:11 GMT Dec 4
  • SUP 1: $1807.5 - Low Dec 2
  • SUP 2: $1764.8 - Low Nov 30 and the bear trigger
  • SUP 3: $1763.5 - 50.0% retracement of the Mar - Aug rally
  • SUP 4: $1747.6 - Low Jun 26

Gold maintains this week's bullish tone having defined a key near-term support at $1764.8, Nov 30 low. Tuesday's price action is a bullish engulfing Japanese candle line and continues to highlight a reversal. This signals scope for a climb towards the former key support at $1848.80, the Sep 28 low. A break would open $1871.3, the 50-day EMA. On the downside, initial support is at $1807.5.

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