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Downtrend Snaps - For Now

GOLD TECHS
  • RES 4: $1834.4 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1809.6 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4/64.0 - High Jul 13 / 20-day EMA
  • PRICE: $1734.9 @ 14:57 BST Jul 22
  • SUP 1: $1697.7 - Low Jul 14
  • SUP 2: $1690.6 - Low Aug 9 2021
  • 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 bounced solidly off the Thursday low of 1680.99, and is extending gains into the Friday European close. This works against the short-term downtrend that had kept the outlook negative. To cement any further recovery, prices need to take out first resistance at $1745.4, the Jul 13 high. Nonetheless, moving average studies remain in a bear mode condition, highlighting current market sentiment.

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  • RES 4: $1834.4 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1809.6 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4/64.0 - High Jul 13 / 20-day EMA
  • PRICE: $1734.9 @ 14:57 BST Jul 22
  • SUP 1: $1697.7 - Low Jul 14
  • SUP 2: $1690.6 - Low Aug 9 2021
  • 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 bounced solidly off the Thursday low of 1680.99, and is extending gains into the Friday European close. This works against the short-term downtrend that had kept the outlook negative. To cement any further recovery, prices need to take out first resistance at $1745.4, the Jul 13 high. Nonetheless, moving average studies remain in a bear mode condition, highlighting current market sentiment.