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Approaching Resistance

GOLD TECHS
  • RES 4: $1817.0 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1787.4 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4 - High Jul 13
  • PRICE: $1740.8 @ 07:25 BST Jul 28
  • SUP 1: $1711.7/1681.0 - Low Jul 27 / 21
  • SUP 2: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $1676.9 - Low Mar 8 2021
  • SUP 4: $1638.0 - 2.00 proj of the Mar 8 - 29 - Apr 18 price swing

Gold is firmer and remains above last week’s low of $1681.0 (Jul 21). Short-term gains are still considered corrective, however, any break above resistance at $1745.4, the Jul 13 high, would strengthen a bullish set-up and suggest scope for a stronger bounce. Moving average studies continue to highlight a bear trend. A break of $1681.0 would confirm a resumption of the downtrend.

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