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Monitoring Resistance

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and a key resistance
  • RES 3: $1959.4 - High Jan 6 and the bull trigger
  • RES 2: $1917.6 - High Jan 8
  • RES 1: $1869.9 - 50-day EMA
  • PRICE: $1852.1 @ 06:21 GMT Jan 20
  • SUP 1: $1804.7 - Low Jan 18
  • SUP 2: $1800.0 - Round number support
  • SUP 3: $1775.9 - Low Dec 1
  • SUP 4: $1764.8 - Low Nov 30

Gold maintains a bearish stance despite this week's bounce. The yellow metal found resistance Jan 6 at $1959.4, Jan 6 high and has since traded lower. The recent move marks a reversal of the Nov 30 - Jan 6 recovery and with S/T momentum studies in a bear mode, highlights scope for a deeper pullback. The focus is on $1804.7, Monday's low. A break would open $1800.0 and $1764.8 further out, Nov 30 low. Resistance is at $1869.9.

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