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Trend Needle Points South

GOLD TECHS
  • RES 4: $1953.0 - High Sep 1 and key resistance
  • RES 3: $1905.0 - 50-day EMA
  • RES 2: $1878.2 - 20-day EMA
  • RES 1: $1865.4 - High Oct 10
  • PRICE: $1855.1 @ 15:53 BST Oct 10
  • SUP 1: $1813.2 - Low Oct 3
  • SUP 2: $1804.9- Low Feb 28 and a key support
  • SUP 3: $1786.1 - 61.8% of the Sep 28 ‘22 - May 4 bull leg
  • SUP 4: $1774.0 - Low Dec 15 2022

A bearish theme in Gold was put on pause Monday after a second session of gains. Monday’s bounce put prices back above $1850. Nonetheless, the recent sell-off resulted in a break of support at $1901.1 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started early May. The focus is on $1804.9, the Feb 28 low and a key support. On the upside, firm resistance is at $1878.2, the 20-day EMA.

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