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Pullback Considered Corrective

GOLD TECHS
  • RES 4: $1916.6 - High Jun 1 and a key resistance
  • RES 3: $1909.7 - High Jun 3
  • RES 2: $1903.8 - High Jun 8
  • RES 1: $1877.7 - High Jun 14 and the bull trigger
  • PRICE: $1844.00 @ 07:23 GMT Nov 22
  • SUP 1: $1822.4 - Low Nov 10
  • SUP 2: $1806.0/1759.0 - 50-day EMA / Low Nov 3 and a key support
  • SUP 3: $1746.0 - Low Oct 6
  • SUP 4: $1721.7 - Low Sep 29 and the bear trigger

Gold remains bullish and recent dips are considered corrective. Recent gains and the clear break of resistance at $1834.0, Sep 3 high reinforces current bullish conditions and paves the way for further strength near-term. Note too that gold has also breached $1863.3, 76.4% of the Jun - Aug sell-off. The focus is on $1877.7 next, Jun 14 high and $1903.8, Jun 8 high. Support is seen at $1822.4, Nov 10 low.

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