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Short-Term Bear Threat Remains Present

GOLD TECHS
  • RES 4: $2075.5 - All-Time High Aug 7 2020
  • RES 3: $2070.4 - High Mar 8 and a key resistance
  • RES 2: $2059.2 - High Mar 9 2022
  • RES 1: $2015.1/2048.7 - High Apr 17 / High Apr 13 and bull trigger
  • PRICE: $1996.2 @ 07:13 BST Apr 26
  • SUP 1: $1969.3 - Low Apr 19
  • SUP 2: $1946.7 - 50-day EMA
  • SUP 3: $1934.3 - Low MAr 22
  • SUP 4: $1900.0 - Round number support

Gold is in consolidation mode and is trading closer to its recent lows. The broader trend condition remains bullish, however, the yellow metal has entered a short-term corrective cycle. Price has pierced support at $1988.1, the 20-day EMA, highlighting potential for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.

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