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Support Remains Intact

GOLD TECHS
  • RES 4: $2206.6 - 1.382 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2135.4 - High Dec 4 and all-time high
  • RES 1: $2072.7 - 50.0% retracement of the Dec 4 - 5 downleg
  • PRICE: $2029.3 @ 07:08 GMT Dec 7
  • SUP 1: $2007.5 - 20-day EMA
  • SUP 2: $1975.0 - 50-day EMA
  • SUP 3: $1931.7 - Low Nov 13 and key support
  • SUP 4: $1908.3 - Low Oct 16

Gold traded in a volatile manner Monday. The trend condition is bullish and Monday’s initial gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.4 and this signals potential for a climb towards $2177.6 next, a Fibonacci projection. Price has since retraced and is trading closer to this week’s low, so far. A short-term pullback is considered corrective - for now. Initial support is $2007.5, the 20-day EMA.

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