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Support Remains Intact

GOLD TECHS


  • RES 4: $2177.6 - 1.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2135.4 - High Dec 4 and all-time high
  • RES 2: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 1: $2064.0/2088.5 - High Jan 5 / High Dec 28
  • PRICE: $2054.9 @ 07:21 GMT Jan 15
  • SUP 1: $2015.2/20134 - 50-day EMA / Low Jan 11
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold is trading above last week’s low of $2013.4 (Jan 11). Price is also trading ahead of key support at $2015.2 the 50-day EMA. A breach of both support points, would expose key support at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4.

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