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Trend Condition Remains Bullish

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 - High Mar 20 and the bull trigger
  • PRICE: $1981.8 @ 07:22 BST Mar 31
  • SUP 1: $1933.3 - 20-day EMA
  • SUP 2: $1918.3 - Low Mar 17
  • SUP 3: $1893.4 - 50-day EMA
  • SUP 4: $1827.8 - Low Mar 10

Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.

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