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Corrective Cycle

GOLD TECHS
  • RES 4: $1805.7 - High Feb 25
  • RES 3: $1760.7/75.9 - Low Feb 19 / High Feb 26
  • RES 2: $1746.6 - 20-day EMA
  • RES 1: $1740.7 - High Mar 3
  • PRICE: $1731.3 @ 07:00 GMT Mar 16
  • SUP 1: $1699.3 - Low Mar 12
  • SUP 2: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 3: $1671.0 - Low Jun 5, 2020
  • SUP 4: $1659.6 - Low Apr 21, 2020

Gold remains in a clear downtrend however price action on Mar 9 suggests the yellow metal may have found a base. Price action on this day is a bullish engulfing candle . If correct, it signals scope for a short-term correction that would allow the current oversold momentum reading to unwind. A climb would open the 20-day EMA at $1746.6. Key support is at $1676.9, Mar 8 low low. A break would confirm a resumption of the downtrend instead.

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