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Bearish Risk Remains Present

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and a key resistance
  • RES 3: $1959.4 - High Jan 6 and the bull trigger
  • RES 2: $1917.6 - High Jan 8
  • RES 1: $1876.4 - 50-day EMA
  • PRICE: $1859.3 @ 07:18 GMT Jan 13
  • SUP 1: $1837.5/17.5 - Low Jan 12 / Low Jan 11
  • SUP 2: $1810.7 - 76.4% retracement of the Nov 30 - Jan 6 low
  • SUP 3: $1800.0 - Round number support
  • SUP 4: $1775.9 - Low Dec 1

Gold found resistance last week at $1959.4, Jan 6 high and has since traded lower. The outlook remains bearish. The recent move lower marks a reversal of the Nov 30 - Jan 6 recovery and with short-term momentum studies in a bear mode, highlights scope for a deeper pullback. The focus is on $1810.7, the 76.4% retracement where a break would open $1800.0 and $1764.8 further out, Nov 30 low. Initial resistance is at $1876.4, the 50-day EMA.

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