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Bearish Engulfing Candle Still In Play

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 2: $1955.7 - High Sep 21
  • RES 1: $1921.2 - High Oct 6 and the key intraday resistance
  • PRICE: $1907.9 @ 07:09 BST Oct 9
  • SUP 1: $1873.0 - Low Oct 7
  • SUP 2: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 3: $1841.2 - Low Jul 22
  • SUP 4: $1837.1 - 38.2% retracement of the Mar - Aug uptrend

Gold is off recent lows. This week's focus has been on Tuesday's sell-off that reinforces a bearish outlook. In pattern terms, price action on Oct 6 is a bearish engulfing candle and signals the end of the recent corrective bounce since Sep 28 . If correct, it highlights risk for a move lower to retest major support at $1848.9. A break would confirm a resumption of the downtrend. A move above $1921.2, Oct 6 high however would resume bullish pressure.

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