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Bearish Threat Still Seen Present *RES...>

GOLD TECHS
GOLD TECHS: Bearish Threat Still Seen Present
*RES 4: $1600.0 - Round number resistance
*RES 3: $1593.6 - 76.4% retracement of the Jan 8 - Jan 14 decline
*RES 2: $1592.1 - High Feb 3 and key near-term resistance
*RES 1: $1579.7 - High Feb 4
*PRICE: $1566.7 @ 07:04 GMT Feb 11
*SUP 1: $1547.6 - Low Feb 5
*SUP 2: $1546.4 - Low Jan 21
*SUP 3: $1536.0 - Low Jan 14 and key bear trigger
*SUP 4: $1534.4 - 50-day EMA
Gold holds onto last week's gains. Conditions overall remain bearish though.
This follows the sell-off on Feb 3 and 4 that resulted in a break of support at
$1563.5, Jan 29 low. A bearish threat is also reinforced by the recent failure
to convincingly clear resistance at $1588.7, the Jan 27 high. A resumption of
weakness would open $1546.4, Jan 21 low ahead of $1536.0, the Jan 14 low and a
key support. A break of $1592.1, Feb 3 high would reinstate a bullish outlook.

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