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Bearish Theme Remains Intact

GOLD TECHS
  • RES 4: $2135.4 - High Dec 4 and all-time high
  • RES 3: $2097.1 - 76.4% retracement of the Dec 4 - 13 bear leg
  • RES 2: $2088.5 - High Jan 12 / High Dec 28
  • RES 1: $2022.5/2065.5 - 20-day EMA / High Feb 1
  • PRICE: $2022.2 @ 08:20 GMT Feb 20
  • SUP 1: $1984.3 - Low Feb 14
  • SUP 2: $1973.2 - Low Dec 13 and key support
  • SUP 3: $1931.7 - Low Nov 13
  • SUP 4: $1908.3 - Low Oct 16

Gold traded lower early last week and the sell-off resulted in a break of $2001.9, the Jan 17 low and a key short-term support. The breach highlights a resumption of the bear leg that started Dec 28. A continuation lower would open $1973.2, the Dec 13 low and the next key support. On the upside, the yellow metal needs to clear resistance at $2065.5, the Feb 1 high, to reinstate a bullish theme.

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