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GOLD TECHS: Trading Closer To Its Recent Lows

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2710.4/2750.0 - High Nov 11 / 5
  • RES 2: $2657.6 - 20-day EMA 
  • RES 1: $2635.6 - 50-day EMA   
  • PRICE: $2585.9 @ 07:19 GMT Nov 15
  • SUP 1: $2536.9 - Low Nov 14
  • SUP 2: $2511.1 - Low Sep 12
  • SUP 3: $2472.0 - Low Sep 4
  • SUP 4: $2415.9 - 38.2% retracement of the Oct 6 ‘23 - Oct 31 bull leg    

The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows. The breach of the EMAs signals scope for a deeper retracement and sights are on $2511.1 next, the Sep 18 low. Firm resistance is seen at $2657.6, the 20-day EMA.

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  • RES 4: $2790.1 - High Oct 31 and the bull trigger  
  • RES 3: $2710.4/2750.0 - High Nov 11 / 5
  • RES 2: $2657.6 - 20-day EMA 
  • RES 1: $2635.6 - 50-day EMA   
  • PRICE: $2585.9 @ 07:19 GMT Nov 15
  • SUP 1: $2536.9 - Low Nov 14
  • SUP 2: $2511.1 - Low Sep 12
  • SUP 3: $2472.0 - Low Sep 4
  • SUP 4: $2415.9 - 38.2% retracement of the Oct 6 ‘23 - Oct 31 bull leg    

The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows. The breach of the EMAs signals scope for a deeper retracement and sights are on $2511.1 next, the Sep 18 low. Firm resistance is seen at $2657.6, the 20-day EMA.