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Holding Above Support

GOLD TECHS
  • RES 4: $1844.9 - Low Jun 14
  • RES 3: $1834.1 - High Jul 15 and the bull trigger
  • RES 2: $1808.7 - High Sep 14
  • RES 1: $1781.4/87.4 - High Oct 8 / High Sep 22 and key resistance
  • PRICE: $1755.9 @ 07:29 BST Oct 11
  • SUP 1: $1746.0 - Low Oct 6
  • SUP 2: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 3: $1717.8 - Low Aug 10
  • SUP 4: $1690.6 - Low Aug 08 and the bear trigger
Gold traded higher Friday but failed to hold onto gains, ending the day largely unchanged. Near-term attention is on the 50-day EMA at $1777.9 and $1787.4, Sep 22 high and a key resistance. A resumption of strength would reinforce the bullish engulfing candle that signalled a reversal on Sep 30. A break of $1787.4 would suggest scope for an extension. Initial support is at $1746.0, Oct 6 low. A break is required to undermine the current bullish tone.
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