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Corrective Cycle

GOLD TECHS
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBullet
  • RES 4: $1998.4 - High Apr 18, 2022
  • RES 3: $1982.0 - High Apr 19, 2022
  • RES 2: $1963.0 - 76.4% retracement of the Mar - Sep 2022 bear leg
  • RES 1: $1903.4/1959.7 - 20-day EMA / High Feb 2
  • PRICE: $1876.7@ 07:22 GMT Feb 6
  • SUP 1: $11861.4- Low Feb 3
  • SUP 2: $1853.1 - 50-day EMA
  • SUP 3: $1825.2 - Low Jan 5 and key near-term support
  • SUP 4: $1797.1 - Low Dec 28

Trend conditions in Gold are bearish for now, as the yellow metal enters a corrective cycle. This follows a strong sell-off on Thursday and Friday and sights are on the 50-day EMA, at $1853.1. This average represents a key support and if breached, would strengthen a bearish chase and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.

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  • RES 4: $1998.4 - High Apr 18, 2022
  • RES 3: $1982.0 - High Apr 19, 2022
  • RES 2: $1963.0 - 76.4% retracement of the Mar - Sep 2022 bear leg
  • RES 1: $1903.4/1959.7 - 20-day EMA / High Feb 2
  • PRICE: $1876.7@ 07:22 GMT Feb 6
  • SUP 1: $11861.4- Low Feb 3
  • SUP 2: $1853.1 - 50-day EMA
  • SUP 3: $1825.2 - Low Jan 5 and key near-term support
  • SUP 4: $1797.1 - Low Dec 28

Trend conditions in Gold are bearish for now, as the yellow metal enters a corrective cycle. This follows a strong sell-off on Thursday and Friday and sights are on the 50-day EMA, at $1853.1. This average represents a key support and if breached, would strengthen a bearish chase and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.