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Bouncing Ahead of 200-DMA Support


Bullish Conditions

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  • Attention in gold remains on two recent candle patterns that highlight a developing bearish threat.
  • The sell-off on Aug 19 signals the likely end of the correction between Aug 12 - 18.
  • In pattern terms, the Aug 19 sell-off is a bearish engulfing candle.
  • This pattern also reinforces a bearish candle pattern on Aug 11. The sharp sell-off on this day confirmed what appears to be a standard line. This is a continuation pattern and suggests market sentiment is bearish.
  • Note that the high of the standard line, $2030.0 remains intact.
  • These patterns suggest the yellow metal remains vulnerable and is likely near-term to test the $1863.15 key support, Aug 12 low.
  • Key resistance levels to watch are
    • $2015.7, Aug 18 high and
    • $2030.0, Aug 11 high.

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