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Technical Update - Gold and Silver higher. Copper to test key support? Platinum rejected at key level. Palladium bearish
Gold XAUUSD spiked higher this morning to the Fibonacci extension at around 2,132 only to be hit by heavy selling sending the precious metal down to the 0.382 retracement at 2,057. Further downside/correction could be seen possibly down tot eh 0.618 retracement at 2,009 with stronger support at around 2,031 However, The Daily Moving Averages are all rising and with 55 DMA crossing over both the 100 and 200 a double Gold Cross have formed. Adding to that there is no Divergence on the RSI suggesting Gold is to move higher after a correction. Whether it will take out todays and all-time high at around 2,134 is too early ... (full story)