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Approaching Key Resistance

  • RES 4: $1877.7 - High Jun 14
  • RES 3: $1863.3 - 76.4% retracement of the Jun - Aug sell-off
  • RES 2: $1844.9 - Low Jun 14
  • RES 1: $1834.0 - High Sep 3 and the bull trigger
  • PRICE: $1824.9 @ 07:13 GMT Nov 9
  • SUP 1: $1784.6/1759.0 - 50-day EMA / Low Nov 3 and a key support
  • SUP 2: $1746.0 - Low Oct 6
  • SUP 3: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 4: $1717.8 - Low Aug 10

Gold reversed course late last week following the bounce off Wednesday's low of $1759.0. The turnaround reinstates a potential bullish outlook and the yellow metal has traded above $1813.8, Oct 22 high. The breach of this level strengthens a short-term bullish case and signals scope for a climb towards $1834.0, the Sep 3 high. Key short-term support is at $1759.0, a break would be bearish.

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