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Trend Structure Is Bullish

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1842.7 - 50.0% retracement of the Mar - Sep bear leg
  • RES 2: $1833.0 - High Jun 29
  • RES 1: $1824.5 - High Dec 13
  • PRICE: $1792.6 @ 07:15 GMT Dec 15
  • SUP 1: $1771.9/65.9 - 20-day EMA / Low Dec 5
  • SUP 2: $1729.0 - Low Nov 23 and key short-term support
  • SUP 3: $1702.3 - Low Nov 9
  • SUP 4: $1664.8 - Low Sep 8

Trend conditions in Gold remain bullish and Tuesday’s gains have reinforced this condition. The yellow metal traded through resistance at 1810.0 on Tuesday, the Dec 5 high, to confirm a resumption of the uptrend. This maintains the current bullish price sequence of higher highs and higher lows and signals scope for a climb towards $1842.7, a Fibonacci retracement. On the downside, support to watch lies at $1765.9, the Dec 5 low.

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