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Bullish Theme Remains In Place

GOLD TECHS
  • RES 4: $1877.5 - 76.4% retracement of the Jun 1 - 29 decline
  • RES 3: $1863.3 - High Jun 16
  • RES 2: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 1: $1834.1 - High Jul 15
  • PRICE: $1825.4 @ 07:17 BST Jul 16
  • SUP 1: $1791.7 Low Jul 12 and key near-term support
  • SUP 2: $1774.4/1750.8 - Low Jul 2 / Low Jun 29
  • SUP 3: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 4: $1723.8 - Low Apr 13

Gold maintains a firmer tone having finally overcome resistance offered by the 50-day EMA. The break higher strengthens bullish conditions with attention on $1833.7 (tested yesterday) and $1853.3, Fibonacci retracements. On the downside, support has been defined at $1791.7, Jul 12 low where a break is required to signal a short-term top. This would also suggest scope for a retest of $1750.8, Jun 29 low.

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