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Clears Key Resistance

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: $2482.4 - Intraday high
  • PRICE: $2462.9 @ 07:27 BST Jul 17
  • SUP 1: $2374.5 - 20-day EMA
  • SUP 2: $2344.4/2286.9 - 50-day EMA / Low Jun 7t
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

The trend condition in Gold remains bullish and this week’s gains reinforce current conditions. The yellow metal traded higher Tuesday and breached key resistance and the bull trigger at $2450.1. This confirms a resumption of the medium-term uptrend and opens the $2500.00 handle next. Moving average studies are in a clear bull-mode set-up, highlighting a rising trend. Initial support is at $2374.5, the 20-day EMA.

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