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Just Off Trend Highs

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1896.5 - 61.8% retracement of the Mar - Sep bear leg
  • RES 2: $1876.0 - 3.0% 10-dma envelope
  • RES 1: $1865.1 - High Jan 4
  • PRICE: $1839.3 @ 07:48 GMT Jan 6
  • SUP 1: $1810.2/74.0 - 20-day EMA / Low Dec 15
  • SUP 2: $1763.3 - 50-day EMA
  • SUP 3: $1729.0 - Low Nov 23 and key short-term support
  • SUP 4: $1702.3 - Low Nov 9

Trend conditions in Gold remain bullish and the yellow metal has started the year on a firm note, clearing resistance and resuming its uptrend. Price holds just below the trend highs, with the recent break higher signalling scope for gains towards $1876.0 next, the 3.0% 10-dma envelope as well as $1896.5, the 61.8% retracement of the Mar - Sep bear leg. Moving average studies are in a bull mode position, highlighting current sentiment. Initial firm support is seen at $1810.2, the 20-day EMA.

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