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Technical Update - Gold, Silver and Copper seem to find solid ground and could resume uptrend

From home.saxo

Gold XAUUSD has retraced to test support at 1,735. Gold can drop a bit lower without reversing the uptrend. A close below 1,700 will reverse the uptrend. RSI is still showing positive sentiment and no divergence indicating likely new highs on the short-term. 1,808 is key resistance for Gold change to medium-term uptrend. Silver XAGUSD was rejected at the 0.50 retracement and resistance at around 22.25. The current correction could take Silver down to the 0.618 retracement at around 20.14 before resuming uptrend but could find support before around 20.55. If Silver crawls back above the daily 200 SMA we are likely to ... (full story)

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  • Category: Technical Analysis