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Testing Support At The 50-Day EMA

GOLD TECHS
  • RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2500.0 - Round number resistance
  • RES 1: $2432.0/2483.8 - High Jul 24 / 17 and the bull trigger
  • PRICE: $2368.9 @ 08:49 BST Jul 26
  • SUP 1: $2353.2 - Low Jul 25
  • SUP 2: $2286.9 - Low Jun 7
  • SUP 3: $2277.4 - Low May 3 and a pivot support
  • SUP 4: $2228.6 - Low Apr 1

Gold has pulled back from its recent highs. The move down is considered corrective, however, the yellow metal has pierced support at the 50-day EMA - at $2360.0. A clear break of this average would signal scope for a deeper retracement. This would open $2277.4, the May 3 low and a key support. For bulls, a reversal higher would refocus attention on $2483.7, the Jul 17 high, and a bull trigger. A break would resume the primary uptrend.

Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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