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Remains Below The 50-Day EMA

  • RES 4: $1729.5 - High Oct 4 and the bull trigger
  • RES 3: $1714.8 - High Oct 7
  • RES 2: $1688.2 - 50-day EMA
  • RES 1: $1674.9 - High Oct 26
  • PRICE: $1658.9 @ 07:17 BST Oct 28
  • SUP 1: $1638.4/1615.0 - Low Oct 25 / Low Sep 28 and a bear trigger
  • SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 3: $1600.00 - Round number support
  • SUP 4: $1569.1 - Low Apr 1 2020

Gold is unchanged. The yellow metal remains in a downtrend and recent gains are considered corrective. This follows the reversal from $1729.5, Oct 4 high. The move lower signals the end of the Sep 28 - Oct 4 bull phase. A resumption of weakness would open on key support at $1615.0, Sep 28 low. On the upside, the next firm resistance is at $1688.2, the 50-day EMA. A break of the average would signal scope for a stronger correction.

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