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Approaching Key Resistance

  • RES 4: $2063.0 - High May 4 and a key resistance
  • RES 3: $2048.2 - High May 10
  • RES 2: $2022.2 - High May 15
  • RES 1: $2009.4 - High Nov 7 / High Oct 27 and the bull trigger
  • PRICE: $2002.8 @ 07:20 GMT Nov 22
  • SUP 1: $1966.63/1946.8 - 20- and 50-day EMA / Low Oct 16
  • SUP 2: $1931.7 - Low Nov 13 and key support
  • SUP 3: $1908.3 - Low Oct 16
  • SUP 4: $1868.8 - Low Oct 13

The trend condition in Gold remains bullish and this week’s gains reinforce this condition. The move higher signals scope for a test of key short-term resistance at $2009.4, the Nov 7 high. Clearance of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a potential reversal.

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