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Extends Gains Above $2000.0

GOLD TECHS
  • RES 4: $2004.4 - 2.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2075.5 - High Aug 7 2020 and a major resistance
  • RES 2: $2050.0 - High Aug 10 1 2020
  • RES 1: $2030.0 - High Aug 11 2020
  • PRICE: $2017.5 @ 07:00 GMT Mar 8
  • SUP 1: $1961.2/29.9 - Low Mar 7 / Low Mar 4
  • SUP 2: $1878.4 - Low Feb 24 and key short-term support
  • SUP 3: $1853.9 - High Jan 25
  • SUP 4: $1844.7 - Low Feb 15

Gold is trading higher once again this morning, reinforcing bullish conditions. The metal has cleared the Feb 24 high of $1974.3. This confirms a resumption of the underlying uptrend and also highlights the fact that prices have breached the top of the recent bull channel, drawn from the Aug 9 2021 low. With price above the $2000.0 handle, the focus is on $2030.0 next the Aug 11 2020 high. Initial support is seen yesterday’s low of $1961.2.

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