Consolidates *RES 4: $1600.0 - Round.....>

GOLD TECHS: Consolidates

*RES 4: $1600.0 - Round number resistance

*RES 3: $1582.6 - 61.8% retracement of the Jan 8 - Jan 14 decline

*RES 2: $1573.7 - 50.0% retracement of the Jan 8 - Jan 14 decline

*RES 1: $1568.7 - High Jan 21

*PRICE: $1556.4 @ 07:03 GMT Jan 23

*SUP 1: $1546.0 - Low Jan15

*SUP 2: $1536.0 - Low Jan 14 and bear trigger

*SUP 3: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally

*SUP 4: $1517.3 - Low Jan 2

Gold consolidates having failed to hold onto Tuesday's $1568.7 high. This has

left two important resistance levels untouched and in place. $1573.7 and 1582.6

mark the 50% and 61.8% retracements of the Jan 8 - Jan 14 sell-off. While they

remain in place (the 61.8% level being the more important), recent gains are

most likely corrective and the outlook remains bearish. Attention is on support

at $1546.0, Jan 15 low. A break would open $1536.0, Jan 14 low.