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Uptrend Remains Intact

  • 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: $1807.9/10.0 - High Aug 10 and key resistance / High Dec 5
  • PRICE: $1785.6 @ 07:14 GMT Dec 8
  • SUP 1: $1754.8 - 20-day EMA
  • 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 Monday’s retracement - for now - appears to be a correction. A fresh trend high last week reinforced a bullish theme and price has breached $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high that has been pierced. A clear break would be bullish. Key trend support is at $1729.0, the Nov 23 low.

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