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Short-Term Corrective Cycle Still In Play

GOLD TECHS
  • RES 4: $1765.5 - High Aug 25 and a key resistance
  • RES 3: $1714.3/35.1 - 50-day EMA / High Sep 12
  • RES 2: $1688.0/1707.1 - High Sep 21 / High Sep 14
  • RES 1: $1676.6 - 20-day EMA
  • PRICE: $1666.4 @ 07:20 BST Nov 3
  • SUP 1: $1615.0 - Low Sep 28 and the bear trigger
  • SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 3: $1569.1 - Low Apr 1 2020
  • SUP 4: $1563.9 - 1.236 proj of the Jun 13 - Jul 21 - Aug 10 swing

Gold has recovered from last Wednesday's low of $1615.0. Short-term gains are considered corrective and the downtrend remains intact. The next resistance is at $1676.6, the 20-day EMA. A break of this level would signal scope for an extension higher. On the downside, $1615.0 is the bear trigger. A breach would confirm a resumption of the bear cycle and this would open $1610.5, a Fibonacci projection.

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  • RES 4: $1765.5 - High Aug 25 and a key resistance
  • RES 3: $1714.3/35.1 - 50-day EMA / High Sep 12
  • RES 2: $1688.0/1707.1 - High Sep 21 / High Sep 14
  • RES 1: $1676.6 - 20-day EMA
  • PRICE: $1666.4 @ 07:20 BST Nov 3
  • SUP 1: $1615.0 - Low Sep 28 and the bear trigger
  • SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 3: $1569.1 - Low Apr 1 2020
  • SUP 4: $1563.9 - 1.236 proj of the Jun 13 - Jul 21 - Aug 10 swing

Gold has recovered from last Wednesday's low of $1615.0. Short-term gains are considered corrective and the downtrend remains intact. The next resistance is at $1676.6, the 20-day EMA. A break of this level would signal scope for an extension higher. On the downside, $1615.0 is the bear trigger. A breach would confirm a resumption of the bear cycle and this would open $1610.5, a Fibonacci projection.