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Pullback Considered Corrective

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a key resistance
  • RES 3: $2059.2 - High Mar 9 2022
  • RES 2: $2034.0 - 2.00 proj of the Sep 28 - Oct 4 rally from Feb 28
  • RES 1: $2009.7 - High Mar 20 and the bull trigger
  • PRICE: $1955.7 @ 07:12 GMT Mar 28
  • SUP 1: $1918.3 - Low Mar 17
  • SUP 2: $1919.4 - 20-day EMA
  • SUP 3: $1883.3 - 50-day EMA
  • SUP 4: $1827.8 - Low Mar 10

Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. The breach on Mar 17 of former resistance at $1959.7, Feb 2 high, confirmed a resumption of the bull trend that started late September 2022. The test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 is seen as a firm support. It is the Mar 17 low and a break is required to signal scope for a deeper pullback.

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