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Holding Above Support

GOLD TECHS
  • RES 4: $1900.3 - 61.8% retracement of the Jan 6 - 11 rally
  • RES 3: $1882.0 - 50.0% retracement of the Jan 6 - 11 rally
  • RES 2: $1875.2 - High Jan 21 and key resistance
  • RES 1: $1867.3 - Intraday high
  • PRICE: $1862.4 @ 07:14 GMT Feb 1
  • SUP 1: $1831.5 - Low Jan 27 and a bear trigger
  • SUP 2: $1804.7 - Low Jan 18 and key support
  • SUP 3: $1800.0 - Round number support
  • SUP 4: $1775.9 - Low Dec 1

Gold is firmer today but remains below Friday's high of $1875.7. Last week's pullback has resulted in a test of support at $1832.6, Jan 20 low. A clear break of this level would strengthen a bearish case and undermine recent bullish price development. Furthermore, this would suggest scope for a move towards the key support at $1804.7, Jan 18 low. On the upside, clearance of $1875.7 would instead be bullish and open $1882.0 initially.

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