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Consolidation Mode

GOLD TECHS
  • RES 4: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 2: $2009.2/2070.4 - High Mar 10 / High Mar 8
  • RES 1: $1954.7 - High Mar 15
  • PRICE: $1941.2 @ 07:19 GMT Mar 24
  • SUP 1: $1897.2/95.3 - 50-day EMA / Low Mar 15
  • SUP 2: $1878.4 - Low Feb 24 and key short-term support
  • SUP 3: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 4: $1821.1 - Low feb 11

Gold is unchanged and continues to consolidate. The short-term outlook remains bearish though following the recent pullback from the Mar 8 high of $2070.4. The move lower is allowing a recent overbought condition to unwind. The 20-day EMA has been breached and this opens $1897.2, the 50-day EMA. On the upside, an initial firm short-term resistance is seen at $2009.2, Mar 10 high.

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