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Bearish S/T Phase Concludes

GOLD TECHS
  • RES 4: $2500.0 - Round number resistance
  • RES 3: $2481.5 - 1.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2431.5 - High Apr 12 and the bull trigger
  • PRICE: $2348.8 @ 09:14 BST May 13
  • SUP 1: $2277.4 - Low May 3
  • SUP 2: $2255.0 - 50-day EMA
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold rallied well for two consecutive sessions as markets undergo a corrective bump higher. This breaks the consolidation phase and concludes the bearish short-term condition. The end of the corrective leg lower has unwound the overbought condition, and allows markets to focus on next resistance at 2431.50 - the bull trigger. Any return lower would eye $2255.0, the 50-day EMA.

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