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Bear Threat Still Present

GOLD TECHS
  • RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
  • RES 3: $1990.8 - 2.0% 10-dma envelope
  • RES 2: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
  • RES 1: $1972.4/1987.5 - High Jul 31 / High Jul 20 and the bull trigger
  • PRICE: $1937.5 @ 07:19 BST Aug 7
  • SUP 1: $1924.5 - Low Jul 11
  • SUP 2: $1902.8 - Low Jul 6
  • SUP 3: $1893.1 - Jun 29 and the bear trigger
  • SUP 4: $1885.8 - Low Mar 15

Gold traded lower last week and the yellow metal remains closer to its recent lows. Last week’s move lower confirmed an extension of the bear cycle that started Jul 20. This signals scope for a move towards $1924.5, the Jul 11 low. Clearance of this level would suggest potential for an extension towards the key support at $1893.1, the Jun 29 low. Key resistance is at $1987.5, the Jul 20 high. A break would reinstate a bullish theme.

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