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Corrective Cycle Extends

GOLD TECHS
  • RES 4: $1847.9 - High Jun 22
  • RES 3: $1825.1 - High Jun 30
  • RES 2: $1814.5 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1786.1 - 50-day EMA
  • PRICE: $1766.7 @ 07:24 BST Jul 29
  • SUP 1: $1743.0 - 20-day EMA
  • SUP 2: $1711.7/1681.0 - Low Jul 27 / 21
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold maintains a firmer tone and is trading higher today. Current gains are considered corrective and attention is resistance at the 50-day EMA, which intersects at $1786.1. A break of this average would suggest potential for an extension and expose trendline resistance at $1814.50. A break of the trendline would represent an important technical break. On the downside, initial firm support lies at $1711.7, the Jul 27 low. Key support is at $1681.0.

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