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Northbound

GOLD TECHS
  • RES 4: $1959.4 - High Jan 6 2021
  • RES 3: $1937.5 - Bull channel top drawn from the Aug 9 2021 low
  • RES 2: $1916.6 - High Jun 1 2021 and a key resistance
  • RES 1: $1914.3 - High Feb 22
  • PRICE: $1897.3 @ 07:23 GMT Feb 23
  • SUP 1: $1879.6/53.9 - High Feb 15 / High Jan 25
  • SUP 2: $1844.7 Low Feb 15
  • SUP 3: $1821.1 - Low Feb 11
  • SUP 4: $1810.1 - Bull channel base drawn from the Aug 9 2021 low

Gold remains in an uptrend following the recent strong impulsive rally and is trading near its recent highs. Price is approaching the medium-term upside target of $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 $1937.5. On the downside, $1853.9, the January cycle high is seen as a firm support. Pullbacks would be considered corrective.

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