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Corrective Pullback

GOLD TECHS
  • RES 4: $1877.2/97.1 High Nov 16 / Bull channel top
  • RES 3: $1849.1 - High Nov 22
  • RES 2: $1830.0 - 61.8% retracement of the Nov 16 - Dec 15 downleg
  • RES 1: $1815.6 - High Nov 26 and the near-term bull trigger
  • PRICE: $1790.7 @ 07:21 GMT Dec 21
  • SUP 1: $1771.4 - Bull channel base drawn from the Aug 9 low
  • SUP 2: $1753.7 - Low Dec 15 and a key support
  • SUP 3: $1746.0 - Oct 6 low
  • SUP 4: $1721.7 - Low Sep 29

Gold traded higher last week, extending the recovery from $1753.7, the Dec 15 low. The yellow metal last week attempted to clear the base of its bull channel drawn from the Aug 9 low and it appears the move lower has been a false break. Resistance at $1794.5, Dec 1 high has been cleared and attention is on $1815.6, the Nov 26 high. The most recent pullback is considered corrective, initial support is seen at $1771.4, the channel base.

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