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Bear Flag Confirmed

GOLD TECHS
  • RES 4: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 3: $1877.7 - High Jun 14
  • RES 2: $1825.4 - High Jun 17
  • RES 1: $1795.0/1813.2 - High Jun 23 / High 20-day EMA
  • PRICE: $1758.8 @ 07:18 BST Jun 30
  • SUP 1: $1750.8 - Low Jun 29
  • SUP 2: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 3: $1723.8 - Low Apr 13
  • SUP 4: $1700.00 - Round number support

Gold traded lower and cleared support at $1761.1, Jun 18 low. The break confirms a resumption of the downtrend that started Jun 1 and note the move lower has also confirmed the bear flag that developed during the most recent period of consolidation. This opens $1733.5, a Fibonacci retracement ahead of $1723.8, Apr 13 low. On the upside, initial resistance has been defined at $1795.00, Jun 23 high.

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