Bearish Threat Remains Present

• RES 4: $1783.2 - High Aug 16
• RES 3: $1765.5 - High Aug 25 and a key resistance
• RES 2: $1735.5 - 20-day EMA
• RES 1: $1726.7 - High Sep 6
• PRICE: $1697.4 @ 07:22 BST Sep 7
• SUP 1: $1681.0 - Low Jul 21 and the bear trigger
• SUP 2: $1676.9 - Low Mar 8 2021
• SUP 3: $1671.0 - Low Jun 5 2020
• SUP 4: $1657.1 - 0.764 proj of the Jun 13 - Jul 21 - Aug 10 swing

Gold remains in a clear short-term downtrend and last week’s extension reinforced bearish conditions. Support at $1727.8, Aug 22 low has been breached to confirm a resumption of the bear cycle. The break lower paves the way for weakness towards $1681.0, the Jul 21 low and a key bear trigger. A break would confirm a resumption of the broader downtrend that started early March. Initial firm resistance is seen at $1735.5, the 20-day EMA.