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Northbound

GOLD TECHS
  • RES 4: $1959.4 - High Jan 6 2021
  • RES 3: $1935.8 bull channel top drawn from the Aug 9 2021 low
  • RES 2: $1916.6 - High Jun 1 2021 and a key resistance
  • RES 1: $1908.3 - Intraday high
  • PRICE: $1888.3 @ 07:19 GMT Feb 21
  • SUP 1: $1853.9 - High Jan 25
  • SUP 2: $1844.7 Low Feb 15
  • SUP 3: $1821.1 - Low Feb 11
  • SUP 4: $1808.4 - Bull channel base drawn from the Aug 9 2021 low

Gold remains in an uptrend. The yellow metal's gains puts gold at the best levels since June last year and keeps the trend direction pointed higher. Resistance at $1881.6 has given way, setting the medium-term upside target to $1916.6, the Jun 1 2021 high and a key bull trigger. Note that the top of the bull channel drawn from the Aug 9 2021 low intersects at $1935.8. On the downside, $1853.9, the January cycle high is seen as a firm support.

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