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Approaching Support

GOLD TECHS
  • RES 4: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2135.4 - High Dec 4 and all-time high
  • RES 2: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 1: $2062.3/2088.5 - High Jan 12 / High Dec 28
  • PRICE: $2018.7 @ 07:18 GMT Jan 17
  • SUP 1: $2017.3/2013.4 - 50-day EMA / Low Jan 11
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold has pulled back from its most recent highs. Attention is on support at $2017.3, the 50-day EMA and last week’s low of $2013.4 (Jan 11). A breach of both support points would strengthen a bearish threat and expose a key level at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $2097.1, 76.4% of the Dec 4 - 13 bear leg. Initial resistance is at $2062.3, the Jan 12 high.

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