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Bull Trigger Remains Exposed

GOLD TECHS
  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance
  • RES 1: $2483.7 - High Jul 17 and the bull trigger
  • PRICE: $2463.5 @ 07:21 BST Aug 14
  • SUP 1: $2353.2 - Low Jul 25
  • SUP 2: $2286.9 - Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

Gold is holding on to its latest gains. Recent weakness appears to be corrective and the trend structure remains bullish. Note that the yellow metal has recently pierced support at the 50-day EMA - currently at $2386.6. A clear break of it would signal scope for a deeper retracement towards $2277.4, May 3 low and a key support. Attention is on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.

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