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Outlook Is Bullish

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and key resistance
  • RES 3: $1918.2 - 76.4% retracement of the Nov 9 - 30 sell-off
  • RES 2: $1906.8 - High Dec 21
  • RES 1: $1900.3 - High Dec 28
  • PRICE: $1888.9 @ 06:25 GMT Dec 31
  • SUP 1: $1866.0 20-day EMA
  • SUP 2: $1855.4 - Low Dec 21
  • SUP 3: $1844.9 - Low Dec 16
  • SUP 4: $1818.9 - Low Dec 14 and key near-term support

Gold is largely unchanged and is trading below the recent high of $1906.82 on Dec 21. A bullish condition remains intact though. Price recently traded above resistance at $1899.2, Nov 16 high. The break strengthens bullish conditions and signals scope for a climb towards $1918.2, a Fibonacci retracement. Key short-term support has been defined at $1818.9. A break would reinstate a bearish threat. Initial firm support is at 1855.4, low Dec 21.

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