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GOLD TECHS: Bullish outlook intact
*RES 4: $1617.1 - High Apr 2013
*RES 3: $1600.0 - Psychological round number
*RES 2: $1587.0 - 61.8% retracement of the 2011 to 2015 decline
*RES 1: $1535.1 - High Aug 13
*PRICE: $1509.8 @ 06:27 BST Aug 16
*SUP 1: $1479.7 - Low Aug 13
*SUP 2: $1471.4 - Low Aug 7
*SUP 3: $1453.1 - High Jul 19
*SUP 4: $1434.0 - Trendline support drawn off the May 30 low
Gold maintains its bullish outlook. With the December 2011 low at $1522.8 and
May 2012 low of $1527.0 cleared last week, the focus now shifts to $1587.0. This
is the 61.8% retracement of the 2011 to 2015 decline. Overbought conditions in
momentum continue to provide little concern for bulls and this in turn
reinforces the underlying bullish theme. Support lies at $1479.7 where a break
is required to signal scope for a short-term correction.