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S/T Bearish Threat Remains Present

GOLD TECHS
  • RES 4: $2104.6 - 3.236 proj of the Dec 15 - Jan 25 - 28 price swing
  • RES 3: $2075.5 - High Aug 7 2020 and the all-time high
  • RES 2: $2009.2/2070.4 - High Mar 10 / High Mar 8
  • RES 1: $1966.1 - High Mar 24
  • PRICE: $1954.9 @ 07:17 GMT Mar 25
  • SUP 1: $1899.6/95.3 - 50-day EMA / Low Mar 16
  • SUP 2: $1878.4 - Low Feb 24 and key short-term support
  • SUP 3: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 4: $1821.1 - Low feb 11

Gold traded higher Thursday. The short-term outlook however remains bearish following the recent sharp pullback from the Mar 8 high of $2070.4. The move lower is allowing a recent overbought condition to unwind. Key support is seen at the 50-day EMA that intersects at $1899.6 - just ahead of the recent low of $1895.3 on Mar 15. A break of the EMA would signal scope for a deeper pullback. Firm S/T resistance is seen at $2009.2, Mar 10 high.

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