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GOLD TECHS: Trend Needle Points North

GOLD TECHS
Metals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $2900.0 - Round number resistance    
  • RES 3: $2867.5 - 1.50 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 2: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing   
  • PRICE: $2786.7 @ 07:30 GMT Feb 1 
  • SUP 1: $2728.1/2687.5 - 20- and 50-day EMA values   
  • SUP 2: $2656.9 - Low Jan 13 
  • SUP 3: $2614.8 - Low Jan 6  
  • SUP 4: $2583.6 - Low Dec 19 and a key support 

A bull cycle in Gold remains in play. Last week’s extension higher resulted in a print above $2790.1, to record a fresh all-time high. The climb confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Attention is on $2817.6 next, a Fibonacci projection. The first key support to watch is $2687.5, the 50-day EMA. The 20-day EMA is at $2728.1.

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  • RES 4: $2900.0 - Round number resistance    
  • RES 3: $2867.5 - 1.50 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 2: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing
  • RES 1: $2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing   
  • PRICE: $2786.7 @ 07:30 GMT Feb 1 
  • SUP 1: $2728.1/2687.5 - 20- and 50-day EMA values   
  • SUP 2: $2656.9 - Low Jan 13 
  • SUP 3: $2614.8 - Low Jan 6  
  • SUP 4: $2583.6 - Low Dec 19 and a key support 

A bull cycle in Gold remains in play. Last week’s extension higher resulted in a print above $2790.1, to record a fresh all-time high. The climb confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Attention is on $2817.6 next, a Fibonacci projection. The first key support to watch is $2687.5, the 50-day EMA. The 20-day EMA is at $2728.1.