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Bearish engulfing *RES 4: $1600.0 -......>

GOLD TECHS
GOLD TECHS: Bearish engulfing
*RES 4: $1600.0 - Psychological round number
*RES 3: $1590.5 - High week ending Apr 12, 2013
*RES 2: $1557.3 - High Sep 4 and key resistance
*RES 1: $1535.8 - High Sep 24
*PRICE: $1509.7 @ 07:18 BST Sep 26
*SUP 1: $1498.3 - Intraday low
*SUP 2: $1483.0 - Low Sep 18 and key bear trigger
*SUP 3: $1479.7 - Low Aug 13
*SUP 4: $1471.4 - Low Aug 7
Gold sold off sharply yesterday. The high of 1535.8, Sep 24 has been defined as
a key resistance. Yesterday's price pattern in candle terms is a bearish
engulfing. The implications of this pattern are that the recent recovery should
be viewed as a correction and that the correction is over. If correct, the
yellow metal is vulnerable and further weakness would open key support at
1483.0. A break above Wednesday's high is needed to reinstate a bullish outlook.

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