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Nearing Support


Correction Extends

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Needle Still Points North

  • RES 4: $1927.7 - High Jan 7
  • RES 3: $1917.6 - High Jan 8
  • RES 2: $1892.7 - 76.4% retracement of the Jan 6 - Mar 8 sell-off
  • RES 1: $1890.1 - High May 19
  • PRICE: $1869.6 @ 07:12 BST May 20
  • SUP 1: $1841.3 - Low May 17
  • SUP 2: $1808.9 - Low May 13
  • SUP 3: $1792.1 - 50-day EMA
  • SUP 4: $1764.3 - Low Apr 30

Gold traded higher again yesterday, confirming once again a resumption of the underlying uptrend as the bullish price sequence of higher highs and higher lows extends. Price action has cleared $1851.5, a Fibonacci retracement and 1875.7, the Jan 29 high. Attention is on $1829.7, the 76.4% retracement of the Jan 6 - Mar 8 sell-off. On the downside, key short-term support has been defined at $1808.9, May 13 low. A break would be bearish.

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