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Spot Gold may cross 9-year-old high mark of $1920


July 23, 2020

Spot gold moving towards next resistance at $1880 per ounce. It may cross highest ever 9-year-old mark of $1920. The metal is riding on upward wave from $1704 and moving towards $1880, which is 238.2% projection level. This wave is expected to extend over $1920.

Previous resistance at $1852 is now support. Fall may be limited to $1852 only. On the daily chart, gold has broken a resistance at $1,856, the 286.4% projection level of a wave C from $1,159.96. This break opened the way for gold to move towards $1889 or may travel in range of $1880-$1898.

Resistance is now at $1852, break below gold may drop in range of $1,795-$1,815.

Gold Technical Analysis 23 July 2020 from GoldTrade

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