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Watching Resistance At The 50-Day EMA

GOLD TECHS
  • RES 4: $1735.1 - High Sep 12 and a key resistance
  • RES 3: $1729.5 - High Oct 4 and the bull trigger
  • RES 2: $1689.1 - 50-day EMA
  • RES 1: $1674.9 - High Oct 26
  • PRICE: $1666.1 @ 07:16 BST Oct 27
  • SUP 1: $1615.0 - Low Sep 28 and the bear trigger
  • SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 3: $1600.00 - Round number support
  • SUP 4: $1569.1 - Low Apr 1 2020

Gold remains in a downtrend and recent gains are considered corrective. This follows the reversal from $1729.5, Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4. A resumption of weakness would refocus attention on key support and the bear trigger at $1615.0, the Sep 28 low. On the upside, the next firm resistance is at $1689.1, the 50-day EMA. A break of the average would signal scope for a stronger correction.

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