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Corrective Pullback

GOLD TECHS
  • RES 4: $2253.6 - 1.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2230.1 - 1.50 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2195.2 - High Mar 8
  • PRICE: $2148.8 @ 07:17 GMT Mar 18
  • SUP 1: $2123.8 - Low Mar 6
  • SUP 2: $2112.9/2088.5 - 20-day EMA / High Dec 28
  • SUP 3: $2069.3 - 50-day EMA
  • SUP 4: $2016.1 - Low Feb 23

The trend condition in Gold remains bullish and the latest pullback is considered corrective. The yellow metal recently cleared $2135.4, the Dec 4 high, to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for $2206.6 next, a Fibonacci projection. Short-term conditions are overbought, a deeper retracement would allow this set-up to unwind. Firm support is at $2112.9, the 20-day EMA.

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