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Rally Extends

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: $1899.2 - High Nov 16
  • RES 1: $1896.3 - High Dec 17
  • PRICE: $1901.5 @ 07:13 GMT Dec 21
  • SUP 1: $1865.9 - 50-day EMA
  • SUP 2: $1844.9 - Low Dec 16
  • SUP 3: $1818.9 - Low Dec 14 and key intraday support
  • SUP 4: $1807.5 - Low Dec 2

Gold is firm and has traded higher today as the yellow metal extends the recovery off $1818.9, Dec 14 low. Price has cleared key near-term resistance at $1899.2, Nov 16 high. The break strengthens bullish conditions and signal scope for a climb towards $1918.2, a Fibonacci retracement. On the downside key short-term support has been defined at $1818.9. A break is required to reinstate a bearish threat. Initial support is at 1865.9.

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