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Bulls Remain In The Driver’s Seat

GOLD TECHS
  • RES 4: $1896.5 - 61.8% retracement of the Mar - Sep bear leg
  • RES 3: $1857.6 - High Jun 16
  • RES 2: $1842.7 - 50.0% retracement of the Mar - Sep bear leg
  • RES 1: $1833.3 - High Dec 27
  • PRICE: $1818.5 @ 07:38 GMT Dec 30
  • SUP 1: $1791.9/74.0 - 20-day EMA / Low Dec 15
  • SUP 2: $1760.8 - 50-day EMA
  • SUP 3: $1729.0 - Low Nov 23 and key short-term support
  • SUP 4: $1702.3 - Low Nov 9

Trend conditions in Gold remain bullish and Tuesday’s high print reinforces this condition. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, a Fibonacci retracement. Furthermore, moving average studies are in a bull mode position reflecting current market sentiment. On the downside, support to watch is $1774.0, the Dec 15 low. A pullback in price would be considered corrective.

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