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Holds Above Former Triangle Resistance...>

GOLD TECHS
GOLD TECHS: Holds 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: $1732.0 @ 07:12 BST May 21
*SUP 1: $1717.0 - Low May 21
*SUP 2: $1715.0 - Former triangle resistance
*SUP 3: $1711.2 - Low May 14
*SUP 4: $1692.0 - Low May 11
Gold traded sharply lower yesterday but managed to find support at $1717.0, the
day low. Note that the low was just ahead of the former triangle
resistance-now-support at $1715.0. Furthermore, the 20-day EMA intersects at
$1715.7. The convergence of these technical tools highlight the importance of
$1717.0/15.0 as a key short-term support. While it holds, the outlook remains
bullish. The focus is on the recent high of $1765.4.

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