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Northbound

GOLD TECHS
  • RES 4: $2048.2 - High May 10
  • RES 3: $2022.2 - High May 15
  • RES 2: $2003.4 - 76.4% retracement of the May 4 - Oct 6 bear leg
  • RES 1: $1997.2 - High Oct 20
  • PRICE: $1988.2 @ 07:19 BST Oct 27
  • SUP 1: $1945.3/1920.8 - Low Oct 19 / 50-day EMA
  • SUP 2: $1868.8 - Low Oct 13
  • SUP 3: $1844.3 - Low Oct 9
  • SUP 4: $1810.5 - Low Oct 6 and a key support

Gold conditions are unchanged - the metal remains firm and is holding on to the bulk of its recent gains. Price has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, a Fibonacci retracement point. Initial firm pivot support lies at $1915.3, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

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