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    United States 2020-04-18 07:24:31
    Technical index GOLD PRICE CHART - XAU/USD DAILY

    Technical Outlook: In my last Gold Price Outlook we noted that the XAU/USD rally was vulnerable heading into the close of March trade and that, “ultimately a larger pullback may offer more favorable entries with a breach of the highs needed to keep long-bias viable.” Price plummeted more than 5% to register a low at 1560 before ripping to fresh yearly highs into the April open.

    The advance failed at slope resistance this week with price unable to mount a daily close above the 78.6% retracement of the decline from the record highs at 1733. Initial daily support rests at the March high-day close at 1678 backed by the median-line / 38.2% retracement of the yearly range at 1633- look for a larger reaction there If reached. Key support / bullish invalidation now rests at 1564/85.

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