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Bearish Trend Conditions

GOLD TECHS
  • RES 4: $1816.0 - High Feb 23
  • RES 3: $1783.7 - 20-day EMA
  • RES 2: $1760.7/75.9 - Low Feb 19 / High Feb 26
  • RES 1: $1740.69 - High Mar 3
  • PRICE: $1719.8 @ 07:13 GMT Mar 4
  • SUP 1: $1702.04 - Low Mar 3
  • SUP 2: $1700.0 - Round number support
  • SUP 3: $1689.9 - 61.8% retracement of the Mar - Aug 2020 rally
  • SUP 4: $1671.0 - Low Jun 5, 2020

Gold remains in a clear downtrend. This follows last week's sharp sell-off that saw the yellow metal trade through support at $1760.67, Feb 19 low. The break confirmed a resumption of the broader downtrend that started in August 2020. Yesterday's weakness reinforces bearish conditions. The focus is on the $1700.0. MA studies are also in a bear mode highlighting the path of least resistance. Initial firm resistance is $1775.9, Feb 26 high.

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