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SOUTH AFRICA

Further Stage 6 Loadshedding Announced by Eskom

EUR

Some selling continuation

MARKET INSIGHT

Price Signal Summary - S&P E-Minis Bear Leg Extends

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Near-Term Fed Hikes Close To Post-FOMC Lows

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Trading Below Recent Lows

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16
  • RES 2: $1965.6 - High Nov 9 and key resistance
  • RES 1: $1959.4 - High Jan 6
  • PRICE: $1907.8 @ 07:13 GMT Jan 8
  • SUP 1: $1900.9 - Low Jan 6
  • SUP 2: $1879.9 - 50-day EMA
  • SUP 3: $1855.4 - Low Dec 21
  • SUP 4: $1844.9 - Low Dec 16

Gold found resistance Wednesday and remains below this week's high. The move lower though is likely a correction with bullish trend conditions intact. Gains earlier this week confirmed a resumption of the uptrend that started early December. The focus is on $1965.6, Nov 9 high. A breach would mark an important technical break. Key support lies at $1855.4, Dec 21 low. Initial support is $1900.9 where a break would signal scope for a deeper pullback.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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