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Technical Update - Correction in metals seems to be over. Gold, Silver and Copper likely to resume uptrend

From home.saxo

Gold XAUUSD spiked below the 1,735 support level but bounced quickly from the 0.382 Fibonacci retracement at 1,722. RSI is still bullish without divergence indicating higher levels are likely. Gold could test the key resistance at 1,808. If Gold close above 1,808 it has reversed the medium-term down trend. See weekly chart If Gold slides back lower and breaks below 1,720 it is likely to drop to the 0.618 retracement at around 1,680 which is also the previous Bull/Bear pivot now key support. Silver XAGUSD bounced from the 0.382 retracement at around 20.65 and the 200 daily SMA. Now hovering around the ... (full story)

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  • Category: Technical Analysis