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GOLD TECHS: Bulls Remain In The Driver’s Seat

GOLD TECHS
  • RES 4: $2600.0 - Round number resistance    
  • RES 3: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 ‘23 price swing
  • RES 2: $2536.4 - 1.50 proj of the Jul 25 - Aug 2 - Aug 5 price swing 
  • RES 1: $2531.8 - High Aug 20                 
  • PRICE: $2516.5 @ 07:18 BST Aug 30
  • SUP 1: $2479.7 - 20-day EMA
  • SUP 2: $2431.0/2353.2 50-day EMA / Low Jul 25 
  • SUP 3: $2286.9 - Low Jun 7 
  • SUP 4: $2277.4 - Low May 3 and a pivot support

Trend conditions in Gold are unchanged and remain bullish. The recent breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies are still in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2479.7, the 20-day EMA. Short-term weakness would be considered corrective.

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