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Trades Above The Psychological $2000.0 Handle

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a key resistance
  • RES 3: $2059.2 - High Mar 9 2022
  • RES 2: $2034.0 - 2.00 proj of the Sep 28 - Oct 4 rally from Feb 28
  • RES 1: $2009.7 - Intraday high
  • PRICE: $1998.8 @ 08:50 GMT Mar 20
  • SUP 1: $1959.7 - High Feb 2 and a recent breakout level
  • SUP 2: $1918.3 - Low Mar 17
  • SUP 3: $1877.9 - 20-day EMA
  • SUP 4: $1860.0 - 50-day EMA

A strong rally in Gold Friday saw the yellow metal trade to fresh YTD high of $1989.4. This confirms a resumption of the uptrend that has been in place since late September 2022. Today’s rally has resulted in a break of the psychological $2000.0 handle and this further strengthens the current uptrend. It opens $2034.0 next, a Fibonacci projection. On the downside, Friday’s low of $1918.3 marks firm support.

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