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Remains Above Support

GOLD TECHS
  • RES 4: $1875 7 - 50.0% retracement of the Mar 8 - Jul 21 bear leg
  • RES 3: $1857.6 - High Jun 16
  • RES 2: $1829.8 - 38.2% retracement of the Mar 8 - Jul 21 bear leg
  • RES 1: $1807.9 - High Aug 10 and the bull trigger
  • PRICE: $1780.3 @ 07:25 BST Aug 16
  • SUP 1: $1772.0/54.4 - 20-day EMA / Low Aug 3 and key S/T support
  • SUP 2: $1711.7/1681.0 - Low Jul 27
  • SUP 3: $1681.0 - Low Jul 21 and the bear trigger
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold maintains a bullish tone despite Monday’s retracement. Recent gains have resulted in a print above trendline resistance at $1784.7. The trendline is drawn from the Mar 8 high and the break represents an important technical breach plus highlights a potential stronger reversal of the 5-month downtrend. A stronger reversal lower though would threaten the bullish theme. Watch support at $1754.4 Aug 3 low. The bull trigger is $1807.9, Aug 10 high.

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