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GOLD TECHS: Sights Are On The All-Time High

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: 2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing     
  • RES 3: $2800.0 - Round number resistance  
  • RES 2: $2790.1 - Oct 31 ‘24 all-time high   
  • RES 1: $2786.0 - HIgh Jan 24      
  • PRICE: $2752.9 @ 07:21 GMT Jan 27
  • SUP 1: $2698.2/2668.8 - 20- and 50-day EMA values   
  • SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
  • SUP 3: $2564.4 - Low Nov 18 
  • SUP 4: $2536.9 - Low Nov 14 and a key support 

Gold traded higher last week. A bull cycle remains in play and the recent breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2668.8, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

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  • RES 4: 2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing     
  • RES 3: $2800.0 - Round number resistance  
  • RES 2: $2790.1 - Oct 31 ‘24 all-time high   
  • RES 1: $2786.0 - HIgh Jan 24      
  • PRICE: $2752.9 @ 07:21 GMT Jan 27
  • SUP 1: $2698.2/2668.8 - 20- and 50-day EMA values   
  • SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
  • SUP 3: $2564.4 - Low Nov 18 
  • SUP 4: $2536.9 - Low Nov 14 and a key support 

Gold traded higher last week. A bull cycle remains in play and the recent breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2668.8, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.