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Bearish Threat Still Present

GOLD TECHS
Gold remains vulnerable.
  • The yellow metal sold off sharply Aug 19 signalling the end of the recent correction between Aug 12 - 18.
  • Importantly, resistance at $2030.0, Aug 11 high also remained intact last week.
  • The Aug 19 sell-off in pattern terms is a bearish engulfing candle and suggests scope for a deeper sell-off.
  • If correct, this has exposed key support at $1863.2, Aug 12 low.
  • The initial key resistance resides at 2015.7, Aug 18 high.

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