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Corrective Pullback Extends

GOLD TECHS
  • RES 4: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2135.4 - High Dec 4 and all-time high
  • RES 1: $2041.3 - High Dec 5
  • PRICE: $1998.8 @ 07:18 GMT Dec 11
  • SUP 1: $1994.7 - Low Dec 8
  • SUP 2: $1978.2 - 50-day EMA
  • SUP 3: $1931.7 - Low Nov 13 and key support
  • SUP 4: $1908.3 - Low Oct 16

Gold traded in a volatile manner last week. The trend condition is bullish and last week’s early gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.4 and this signals potential for a climb towards $2177.6 next, a Fibonacci projection. Price has since retraced and is trading at its recent lows. A short-term pullback is considered corrective. The next support to watch is $1978.2, the 50-day EMA.

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