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Trading Closer To Its Recent Highs

GOLD TECHS
  • RES 4: $2500.0 - Round number resistance
  • RES 3: $2481.5 - 1.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2431.5 High Apr 12
  • PRICE: $2365.1 @ 07:11 BST Apr 22
  • SUP 1: $2310.2 - 20-day EMA
  • SUP 2: $2212.9 - 50-day EMA
  • SUP 3: $2146.2 - Low Mar 18 and key short-term support
  • SUP 4: $2088.5 - High Dec 28

The trend condition in Gold is unchanged and the outlook remains bullish with price continuing to trade closer to its recent highs. The latest rally maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The next objective is $2452.5, a Fibonacci projection. Initial firm support is at $2310.2, the 20-day EMA.

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