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Needle Still Points North *RES 4:........>

GOLD TECHS: Needle Still Points North
*RES 4: $1796.1 - High Oct 2012
*RES 3: $1781.0 - Mid Oct high 2012
*RES 2: $1770.1 - 1.236 projection of the Nov - Mar rally from Mar 16 low
*RES 1: $1765.4 - High May 18
*PRICE: $1748.6 @ 06:52 BST May 20
*SUP 1: $1726.3 - Low May 19
*SUP 2: $1717.4 - Former triangle resistance
*SUP 3: $1711.0 - 20-day EMA
*SUP 4: $1692.0 - Low May 11
Gold traded higher Monday before pulling back to close at the day low. A bullish
theme remains in place however reinforced by last week's key technical break, a
move out of the triangle the yellow metal had been trading within the past few
weeks. The break resulted in a climb above $1747.4, Apr 14 high confirming a
resumption of the uptrend. Attention is on $1770.1, a Fibonacci retracement
level and $1781.0, the mid Oct 2012 high. Support lies at $1727.4.

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