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Free AccessRetraced 50% of the pullback *RES 4:.....>
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: $1354.7 - High June 7
*PRICE: $1344.8 @ 07:54 BST Jun 19
*SUP 1: $1338.7 - Low Jun 18
*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 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 $1354.70 and $1358.30 are needed to accelerate
upside momentum, suggesting a test of the major $1375.28 long term resistance. A
break below $1319.94 would suggest a deeper and more prolonged correction.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.