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GOLD TECHS
GOLD TECHS: Retraced 50% of the Pullback
*RES 4: $1375.3 - High July 11, 2016
*RES 3: $1365.2 - High April 11, 2018/Downtrend resistance from the 2016 highs
*RES 2: $1358.3 - High June 14
*RES 1: $1348.3 - High June 7
*PRICE: $1345.4 @ 08:24 BST Jun 18
*SUP 1: $1338.7 - Intraday low
*SUP 2: $1332.4 - Low Jun 13
*SUP 3: $1319.9 - Low June 11
*SUP 4: $1303.4 - High May 14
After spiking to new highs at the end of the last week, gold has now retraced
around 50% of the subsequent pullback. In spite of the pullback, the RSI
continues to point that we are slightly in overbought territory but the overall
picture remains bullish. Gains above $1354.10 are needed to accelerate upside
momentum, suggesting a test of the major $1375.28 long term resistance. A break
below $1319.94 would suggest deeper and more prolonged corrective activity.

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