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Bouncing Off Key Support

GOLD TECHS
  • RES 4: $1855.5 - High Feb 10 and a key resistance
  • RES 3: $1830.8 - High Dec 12
  • RES 2: $1823.3 - 20-day EMA
  • RES 1: $1812.7 - High Feb 22
  • PRICE: $1810.3 @ 17:29 GMT Feb 22
  • SUP 1: $1760.7 - Low Feb 19
  • SUP 2: $1757.8 - Low Jul 2, 2020
  • SUP 3: $1747.6 - Low Jun 26, 2020
  • SUP 4: $1742.5 - Low Jun 22, 2020

Gold found some support Monday, bouncing back above the 1,800 level to narrow the gap with key resistance at the 20-day EMA. Nonetheless, the outlook remains fragile after trading through support at $1785.00, Feb 4 low last week. This reinforces the current bearish theme with the reversal from $1855.5, Feb 10 high clearly weighing on the yellow metal. MA studies are also in a bear mode highlighting the current path of least resistance. At the tail-end of last week, $1764.8, Nov 30 low had been probed. A clear break would open $1757.8, Jul 2, 2020 low.

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