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Regains Some Poise

GOLD TECHS
  • RES 4: $1932.5 bull channel top drawn from the Aug 9 2021 low
  • RES 3: $1916.6 - High Jun 1 2021 and a key resistance
  • RES 2: $1903.1 - High Jun 11, 2021
  • RES 1: $1881.6 - 1.00 proj of the Dec 15 - Jan 25 - 28 price swing
  • PRICE: $1868.8 @ 17:59 GMT Feb 16
  • SUP 1: $1844.7 Low Feb 15
  • SUP 2: $1821.1 - Low Feb 11
  • SUP 3: $18005.0 - Bull channel base drawn from the Aug 9 2021 low
  • SUP 4: $1788.7 - Low Feb 3

The Gold rally paused Tuesday before prices regained some poise into the Wednesday close.The recent clearance of resistance at $1853.9, the Jan 25 high reinforces the underlying bullish condition and Tuesday’s show above $1877.2, the Nov 16 high adds to the bullish case. The break suggests scope for a stronger climb within the bull channel drawn off the Aug 9 low. A recent attempt at clearing the channel base failed, resulting in the current rally. The focus is on $1903.8, the Jun 8 2021 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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