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Firmer Inside Its Range

GOLD TECHS
  • RES 4: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 2: $2009.2/2070.4 - High Mar 10 / High Mar 8
  • RES 1: $1966.1 - High Mar 24
  • PRICE: $1943.8 @ 07:13 BST Apr 11
  • SUP 1: $1890.2 - Low Mar 29 and a bear trigger
  • SUP 2: $1878.4 - Low Feb 24
  • SUP 3: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 4: $1821.1 - Low Feb 11

Gold is slightly firmer but continues to trade inside its range, and above $1890.2, the Mar 29 low. The outlook is bearish following the recent pullback from $2070.4, the Mar 8 high. This has allowed a recent overbought condition to unwind. Key support at the 50-day EMA - today at $1911.3 - and the Mar 15 low of $1895.3 have recently been probed. A clear break lower would signal scope for a deeper pullback. Initial resistance is $1966.1.

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