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Approaching The 50-Day EMA

GOLD TECHS
  • RES 4: $1987.5 - High Jul 20 and a key resistance
  • RES 3: $1972.4 - High Jul 31
  • RES 2: $1946.8 - High Aug 4
  • RES 1: $1930.4 - 50-day EMA
  • PRICE: $1924.7 @ 07:17 BST Aug 29
  • SUP 1: $1897.7/1884.9 - Low Aug 23 / 21 and the bear trigger
  • SUP 2: $1871.6 - Low Mar 13
  • SUP 3: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg
  • SUP 4: $1827.8 - Low Mar 10

The outlook in Gold remains bearish, however, a short-term correction remains in play. The yellow metal has breached resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1930.4. A clear break of this average would strengthen the current bull cycle. For bears, moving average studies continue to highlight a dominant downtrend. Key support and the bear trigger has been defined at $1884.9, the Aug 21 low.

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