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Bulls Remain In The Driver’s Seat

GOLD TECHS
  • RES 4: $2600.0 - Round number resistance
  • RES 3: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2509.9 - High Aug 19
  • PRICE: $2498.4 @ 07:17 BST Aug 20
  • SUP 1: $2439.4 - 20-day EMA
  • SUP 2: $2400.4/2353.2 50-day EMA / Low Jul 25
  • SUP 3: $2286.9 - Low Jun 7
  • SUP 4: $2277.4 - Low May 3 and a pivot support

Gold remains bullish and is holding on to its latest gains. Last Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2528.4, a Fibonacci projection. Initial support to watch lies at $2439.4, the 20-day EMA.

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