Bearish Despite Yesterday's Bounce.......>

GOLD TECHS: Bearish Despite Yesterday's Bounce

*RES 4: $1607.2 - 61.8% retracement of the Mar 9 - Mar 13 sell-off

*RES 3: $1598.0 - High Mar 13

*RES 2: $1575.5 - High Mar 16

*RES 1: $1553.9 - High Mar 17

*PRICE: $1512.6 @ 07:05 GMT Mar 18

*SUP 1: $1451.6 - Low Mar 16

*SUP 1: $1445.7 - Low Nov 12 and key support

*SUP 3: $1430.5 - Low Aug 2

*SUP 4: $1400.1 - Low Aug 1

Gold is likely to continue facing selling pressure despite yesterday's bounce.

Price has recently cleared the important trendline support drawn off the May 30,

2019 low. This reinforces the current bearish theme and with momentum studies

also pointing south, further weakness is likely. The break of the psychological

$1500.0 level also highlights the current bearish risk and this has opened

$1445.7, the Nov 12 low. Initial resistance is at yesterday's $1553.9 high.