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Bounces Off Intraday Low *RES 4:.........>

GOLD TECHS
GOLD TECHS: Bounces Off Intraday Low
*RES 4: $1708.7 - 1.382 of Aug 2018 low to Sep 2019 high
*RES 3: $1696.2 - High Jan 22, 2013
*RES 2: $1689.3 - High Feb 24 and key resistance
*RES 1: $1664.0 - High Feb 25
*PRICE: $1635.5 @ 08:23 GMT Feb 28
*SUP 1: $1621.3 - Intraday low
*SUP 1: $1611.4 - High Jan 8 and former breakout level
*SUP 3: $1592.1 - High Feb 3 and former resistance
*SUP 4: $1569.4 - 50-day EMA
Gold has bounced off today's intraday low of $1621.3. The recent focus has been
on Monday's bearish price pattern, a shooting star reversal. This suggests the
yellow metal has potentially rallied too far recently in price terms and, is
likely to unwind recent gains. If correct, the risk is for a pullback towards
$1611.42 initially, Jan 8 high. A break of $1664.0, Feb 25 high is required to
resume a bullish focus again and open key resistance at $1689.3, Feb 24 high.

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