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$1800.0 Still Exposed

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and the bull trigger
  • RES 3: $1899.2 - High Nov 16
  • RES 2: $1869.1 - 20-day EMA
  • RES 1: $1848.8 Low Sep 28 and recent breakout level
  • PRICE: $1811.3 @ 07:08 GMT Nov 26
  • SUP 1: $1800.5 - Low Nov 24
  • SUP 2: $1795.0 - Low Jul 16
  • SUP 3: $1790.8 - Low Jul 14
  • SUP 4: $1763.5 - 50.0% retracement of the Mar - Aug rally

Gold is unchanged and remains weak following this week's breach of $1848.0, Sep 28 low and the recent bear trigger. The break lower confirms a resumption of the bearish cycle that has been in place since Aug 7 and sets the scene for weakness below the $1800.00 level to open a Fibonacci retracement at $1763.5. MA studies are in a bear mode, reinforcing current conditions. The breakout level of $1848.0 marks initial resistance.

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