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Support Lies At The 50-Day EMA

  • RES 4: $2063.0 - High May 4 and a key resistance
  • RES 3: $2048.2 - High May 10
  • RES 2: $2022.2 - High May 15
  • RES 1: $2009.4 - High Oct 27 and the bull trigger
  • PRICE: $1955.4 @ 07:13 GMT Nov 10
  • SUP 1: $1938.1 - 50-day EMA
  • SUP 2: $1868.8 - Low Oct 13
  • SUP 3: $1844.3 - Low Oct 9
  • SUP 4: $1810.5 - Low Oct 6 and key support

The latest pullback in Gold appears to be a correction - for now - and the trend condition remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open $2022.20 next, the May 15 high. Initial firm pivot support lies at $1938.1, the 50-day EMA. Clearance of this level is required to signal a short-term top and the potential for a deeper retracement.

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