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Sell-on-Rallies Resumes

GOLD TECHS
  • RES 4: $2135.4 - High Dec 4 and all-time high
  • RES 3: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 2: $2088.5 - High Jan 12 / High Dec 28
  • RES 1: $2034.9/2065.5 - High Feb 22 / Feb 1
  • PRICE: $2018.9 @ 08:46 GMT Feb 23
  • SUP 1: $1984.3 - Low Feb 14
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold traded lower into mid-month, and the progress off lows faltered Thursday after the failed break of the 50-dma of $2031.71. Clearance here and above the Feb 1 high of $2065.50 would reinstate a bullish theme, with the mid-month weakness proving corrective in nature. Any reversal and continuation lower would open $1973.2, the Dec 13 low and the next key support.

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