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Impulsive Bull Wave

GOLD TECHS
  • RES 4: $2100.0 - Round number resistance
  • RES 3: $2070.4 - High Mar 8 2022 and the all-time high
  • RES 2: $2063.0 - High May 4 and a key resistance
  • RES 1: $2052.0 - High Nov 29
  • PRICE: $2044.3 @ 07:10 GMT Nov 30
  • SUP 1: $2009.4 - High Oct 27 and a recent breakout level
  • SUP 2: $1989.5/1961.5 - 20- and 50-day EMA
  • SUP 3: $1931.7 - Low Nov 13 and key support
  • SUP 4: $1908.3 - Low Oct 16

The trend condition in Gold remains bullish and this week’s strong rally reinforces this set-up. The yellow metal has traded through resistance at $2009.4, the Nov 7 high. The clear break of this hurdle has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high at $2070.4 (Mar 8 ‘22). Initial firm support is at $1989.5, the 20-day EMA.

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