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Trend Direction Remains Up

GOLD TECHS
  • RES 4: $2100.0 - Round number resistance
  • RES 3: $2075.5 - All-Time High Aug 7 2020
  • RES 2: $2070.4 - High Mar 8 and a key resistance
  • RES 1: $2063.0 - High May 4
  • PRICE: $2016.4 07:13 BST May 15
  • SUP 1: $1999.6 - Low May 5
  • SUP 2: $1974.6/1969.3 - 50-day EMA / Low Apr 19 and key support
  • SUP 3: $1934.3 - Low Mar 22
  • SUP 4: $1900.0 - Round number support

Gold remains below its recent highs but trend conditions remain bullish. The yellow metal has recently breached resistance at $2048.7, the Apr 13 high to confirm a resumption of the broader bull cycle. This maintains the positive price sequence of higher highs and higher lows and moving average studies remain in a bull-mode set-up. The focus is on $2070.4, the Mar 8 2022 high ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.

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