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Bearish Focus

GOLD TECHS
  • RES 4: $2030.0 - High Aug 11
  • RES 3: $2025.4 - 76.4% retracement of the Aug 7 - 12 sell-off
  • RES 2: $2015.7 - High Aug 18 and key intraday resistance
  • RES 1: $1956.0 - High Aug 21
  • PRICE: $1935.6 @ 07:06 BST Aug 24
  • SUP 1: $1911.6 - Low Aug 21
  • SUP 2: $1882.3 - 50-day EMA
  • SUP 3: $1863.2 - Low Aug 12 and the bear trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold sold off sharply Aug 19 signalling the end of the recent corrective recovery. Importantly, resistance at $2030.0, Aug 11 high remained intact last week. Wednesday's sell-off in pattern terms is a bearish engulfing candle and signals scope for a deeper sell-off. If correct, this has exposed key support at $1863.2, Aug 12 low. On the upside, the initial key resistance resides at 2015.7, Aug 18 high.

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