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Needle Still Points North

GOLD TECHS
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1805.7 - High Feb 25
  • RES 2: $1784.7 - 50-day EMA
  • RES 1: $1755.5 - High Mar 18
  • PRICE: $1741.3 @ 07:12 GMT Mar 19
  • SUP 1: $1719.3 - Low Mar 18
  • SUP 2: $1699.3 - Low Mar 12
  • SUP 3: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold maintains a firmer tone. Price action on Mar 9 suggested Gold had found a base. Activity on this day was a bullish engulfing candle and the pattern is still in play. The candle signals scope for a stronger short-term correction and with the 20-day EMA breached, attention turns to the 50-day EMA at $1784.7. Firm short-term support has been defined at $1699.3, Mar 12 low.

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