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Bear Cycle Extends

GOLD TECHS
  • RES 4: $2119.3 - 3.382 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 2: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 1: $2009.2/2070.4 - High Mar 10 / High Mar 8
  • PRICE: $1933.3 @ 07:20 GMT Mar 15
  • SUP 1: $1925.1 - Intraday low
  • SUP 2: $1901.5 - Low Mar 1
  • SUP 3: $1886.5 - 50-day EMA
  • SUP 4: $1878.4 - Low Feb 24 and key short-term support

The all-time high print in Gold of $2075.5 on Aug 7 2020 following the pullback from last week’s Mar 8 high of $2070.4. The broader trend condition remains bullish and the pullback is considered corrective. The move is also allowing a recent overbought condition to unwind. The 20-day EMA has been breached and this opens $1901.5 next, the Mar 1 low. On the upside, an initial firm short-term resistance is seen at $2009.2, the Mar 10 high.

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