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Uptrend Extends

  • RES 4: $1875.7 - High Jan 29
  • RES 3: $1855.5 - High Feb 10
  • RES 2: $1851.5 - 61.8% retracement of the Jan 6 - Mar 8 sell-off
  • RES 1: $1830.8 - High Feb 12
  • PRICE: $1819.6 @ 07:09 BST May 7
  • SUP 1: $1799.1 - High May 4 and a recent breakout level
  • SUP 2: $1778.8 20-day EMA
  • SUP 3: $1756.2 - Low Apr 29 and key near-term support
  • SUP 4: $1734.5 - Low Apr 15

Gold rallied yesterday and cleared resistance at $1797.9, Apr 22 high. The gains confirm a resumption of the uptrend that started early August where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8. The move higher paves the way for a climb towards $1851.5, the 61.8% retracement of the Jan 6 - Mar 8 sell-off. On the downside, ket support has been defined at $1756.2.

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