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Consolidating

GOLD TECHS
  • RES 4: $1863.3 - 76.4% retracement of the Jun - Aug sell-off
  • RES 3: $1844.9 - Low Jun 14
  • RES 2: $1834.0 - High Sep 3 and the bull trigger
  • RES 1: $1813.8 - High Oct 22 and key short-term resistance
  • PRICE: $1796.1 @ 07:16 GMT Nov 2
  • SUP 1: $1772.0/1760.4 - Low Oct 29 / Low Oct 18
  • SUP 2: $1746.0 - Low Oct 6 and key near-term support
  • SUP 3: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 4: $1717.8 - Low Aug 10

Gold is consolidating. The yellow metal remains in a short-term uptrend. Price recently cleared resistance at $1800.6, Oct 14 high and this highlighted a short-term bullish theme. A resumption of gains would open $1834.0, Sep 3 high. On the downside, a key short-term support has been defined at $1760.4, Oct 18 low. A break would instead suggest scope for a deeper pullback.

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