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Fresh YTD Highs As Uptrend Resumes

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a key resistance
  • RES 3: $2059.2 - High Mar 9 2022
  • RES 2: $2034.0 - 2.00 proj of the Sep 28 - Oct 4 rally from Feb 28
  • RES 1: $2025.4 - Intraday high
  • PRICE: $2023.2 @ 05:50 BST Apr 5
  • SUP 1: $1977.0/1948.8 - Low Apr 4 / 20-day EMA
  • SUP 2: $1918.3 - Low Mar 17
  • SUP 3: $1904.6 - 50-day EMA
  • SUP 4: $1871.6 - Low Mar 13

Trend conditions in Gold remain bullish and Tuesday’s resumption of the uptrend reinforces current conditions. The yellow metal has cleared resistance at 2009.7 to post fresh YTD highs and signal scope for a climb towards $2034.0 next, a Fibonacci projection. On the downside, key support has been defined at $1918.3, the Mar 17 low - a break would highlight a potential reversal.

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