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Bearish Following Breach Of $1800.0

GOLD TECHS
  • RES 4: $1899.2 - High Nov 16
  • RES 3: $1856.8 - 20-day EMA
  • RES 2: $1848.8 - Low Sep 28 and recent breakout level
  • RES 1: $1818.3 - High Nov 26
  • PRICE: $1779.9 @ 07:19 GMT Nov 30
  • SUP 1: $1764.8 - Intraday low
  • SUP 2: $1763.5 - 50.0% retracement of the Mar - Aug rally
  • SUP 3: $1747.6 - Low Jun 26
  • SUP 4: $1713.2 - Low Jun 17

Gold maintains a bearish stance following Friday's break of $1800.0. This confirms a resumption of the bearish cycle that has been in place since Aug 7 with the next objective at $1763.5, a Fibonacci retracement. A break would open $1747.6, Jun 26 low. Moving average studies are in a bear mode, reinforcing current conditions. On the upside, initial resistance is seen at $1818.3, Friday's high.

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