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Trend Structure Remains Bullish

GOLD TECHS
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  • RES 4: $2500.0 - Round number resistance
  • RES 3: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2397.4/2431.5 - High May 16 / High Apr 12 and bull trigger
  • PRICE: $2383.5 @ 07:14 BST May 17
  • SUP 1: $2336.1/2277.4 - 20-day EMA / Low May 3
  • SUP 2: $2277.7 - 50-day EMA
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

The medium-term trend structure in Gold is unchanged and remains bullish. This is reinforced by moving average studies that are in a bull-mode position. Near-term, a continued push higher would refocus attention on $2431.50, the Apr 12 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, the 50-day EMA, at $2277.7, represents a key support. A clear break of it would be bearish.

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  • RES 4: $2500.0 - Round number resistance
  • RES 3: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 1: $2397.4/2431.5 - High May 16 / High Apr 12 and bull trigger
  • PRICE: $2383.5 @ 07:14 BST May 17
  • SUP 1: $2336.1/2277.4 - 20-day EMA / Low May 3
  • SUP 2: $2277.7 - 50-day EMA
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

The medium-term trend structure in Gold is unchanged and remains bullish. This is reinforced by moving average studies that are in a bull-mode position. Near-term, a continued push higher would refocus attention on $2431.50, the Apr 12 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, the 50-day EMA, at $2277.7, represents a key support. A clear break of it would be bearish.