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Free AccessNeedle 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.