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Approaching Key Resistance

GOLD TECHS
  • RES 4: $2000.00 Psychological round number
  • RES 3: $1987.4 - 3.236 proj of the Sep 28 - Oct 4 - Nov 3 price swing
  • RES 2: $1959.7 - High Feb 2 and a key resistance
  • RES 1: $1937.4 - High Mar 15
  • PRICE: $1914.0 @ 07:22 GMT Mar 16
  • SUP 1: $1871.6 - Low Mar 13
  • SUP 2: $1851.9 - 50-day EMA
  • SUP 3: $1804.9 - Low Feb 28 and the bear trigger
  • SUP 4: $1787.3 - 50.0% retracement of the Sep 28 - Feb 2 bull leg

Gold remains bullish and the metal traded higher yesterday. Resistance at $1858.3, the Mar 6 high, has recently been cleared and the latest rally signals scope for an extension towards $1959.7, the Feb 2 high and a key near-term resistance. On the downside, initial firm support is seen at $1851.9, the 50-day EMA. A break of this level is required to signal a top - this would expose the bear trigger at $1804.9, the Feb 28 low.

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