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Rally Extends

GOLD TECHS
  • RES 4: $2003.4 - 76.4% retracement of the May 4 - Oct 6 bear leg
  • RES 3: $1987.5 - High Jul 20
  • RES 2: $1965.5 - 61.8% retracement of the May 4 - Oct 6 bear leg
  • RES 1: $1962.6 - High Oct 18
  • PRICE: $1948.0 @ 07:24 BST Oct 19
  • SUP 1: $1901.8 - 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 traded higher Wednesday, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has pierced key resistance at $1953.0, the Sep 1 high. A clear break of this level would further strengthen a bullish theme and open $1987.5, the Jul 20 high. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below last Friday's low of $1868.8 to signal a reversal.

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