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GOLD TECHS: Trend Needle Points North

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing    
  • RES 3: $2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing 
  • RES 2: $2800.0 - Round number resistance  
  • RES 1: $2790.1 - Oct 31 ‘24 all-time high     
  • PRICE: $2787.2 @ 15:09 GMT Jan 30
  • SUP 1: $2713.0/2678.5 - 20- and 50-day EMA values   
  • SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
  • SUP 3: $2564.4 - Low Nov 18 
  • SUP 4: $2536.9 - Low Nov 14 and a key support 

 A bull cyclein Gold is in play and the recent breach of resistance at $2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2678.5, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

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  • RES 4: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing    
  • RES 3: $2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing 
  • RES 2: $2800.0 - Round number resistance  
  • RES 1: $2790.1 - Oct 31 ‘24 all-time high     
  • PRICE: $2787.2 @ 15:09 GMT Jan 30
  • SUP 1: $2713.0/2678.5 - 20- and 50-day EMA values   
  • SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
  • SUP 3: $2564.4 - Low Nov 18 
  • SUP 4: $2536.9 - Low Nov 14 and a key support 

 A bull cyclein Gold is in play and the recent breach of resistance at $2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2678.5, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.