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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Base Building

  • RES 4: $1877.2/1900.5 High Nov 16 / Bull channel top
  • RES 3: $1849.1 - High Nov 22
  • RES 2: $1830.0 - 61.8% retracement of the Nov 16 - Dec 15 downleg
  • RES 1: $1820.3 - High Dec 28/31
  • PRICE: $1819.6 @ 11:31 GMT Dec 31
  • SUP 1: $1784.9/1773.9 - Low Dec 21 / Channel base from Aug 9 low
  • SUP 2: $1753.7 - Low Dec 15 and a key support
  • SUP 3: $1746.0 - Oct 6 low
  • SUP 4: $1721.7 - Low Sep 29

Gold maintains a bullish focus and is approaching recent highs. The yellow metal is still showing signs of base building following the recent false break of the channel base drawn from the Aug 9 low. Attention is on $1820.3, the Dec 29/31 high. A break would strengthen the bullish theme and suggest scope for a move higher near term. This would open $1830.0, a Fibonacci retracement. Initial firm support to watch is at $1773.9, the channel base.

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