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Bear Cycle Extension

GOLD TECHS
  • RES 4: $1987.5 - High Jul 20 and a key resistance
  • RES 3: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
  • RES 2: $1953.0 - High Sep 1 and key resistance
  • RES 1: $1926.3/1947.5 - 50-day EMA / High Sep 20
  • PRICE: $1896.8 @ 07:21 BST Sep 27
  • SUP 1: $1895.7 - Intraday low
  • SUP 2: $1884.9 - Low Aug 21 and the bear trigger
  • SUP 3: $1871.6 - Low Mar 13
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

Gold is trading lower again today as the yellow metal extends the latest bear cycle that started off the Sep 20 high of $1947.5. Support at $1901.1, the Sep 14 low, has been breached and this signals scope for an extension towards the next key support at $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1926.3, the 50-day EMA. A clear break of this average would highlight a possible reversal.

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