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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: $1498.6 @ 07:20 BST Aug 20
*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 broader bullish outlook. However with the intraday condition
turning bearish, the risk for a short-term correction lower has increased. Key
support lies at $1479.7 where a break is required to signal scope for a
correction. This would open up scope for a move towards $1453.1. On the upside,
the bull trigger is at $1535.1 where a break resumes the uptrend for $1587.0,
the 61.8% retracement of the 2011 to 2015 decline.