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Holding Above Former Triangle............>

GOLD TECHS
GOLD TECHS: Holding Above Former Triangle Resistance
*RES 4: $1781.0 - Mid Oct high 2012
*RES 3: $1770.1 - 1.236 projection of the Nov - Mar rally from Mar 16 low
*RES 2: $1765.4 - High May 18 and the bull trigger
*RES 1: $1754.0 - High May 20
*PRICE: $1724.8 @ 06:52 BST May 25
*SUP 1: $1717.0 - Low May 21
*SUP 2: $1713.9 - Former triangle resistance
*SUP 3: $1711.2 - Low May 14
*SUP 4: $1692.0 - Low May 11
Gold is trading off recent highs but has thus far managed to find support at
$1717.0, May 21 low. Note that this low is just ahead of the former triangle
resistance-now-support at $1713.9. Furthermore, the 20-day EMA intersects at
$1717.5. The convergence of these technical tools highlights the importance of
$1717.5/13.9 as a key short-term support zone. While it holds, the outlook
remains bullish. The focus is on the recent high of $1765.4.

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