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Consolidating

GOLD TECHS
  • RES 4: $1844.9 - Low Jun 14
  • RES 3: $1834.1 - High Jul 15 and the bull trigger
  • RES 2: $1808.7 - High Sep 14
  • RES 1: $1779.7/87.4 - 50-day EMA / High Sep 22 and key resistance
  • PRICE: $1761.0 @ 07:17 BST Oct 7
  • SUP 1: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 2: $1717.8 - Low Aug 10
  • SUP 3: $1690.6 - Low Aug 08 and the bear trigger
  • SUP 4: $1678.00 Low Mar 31

Gold is consolidating. From a trend perspective, the outlook is bearish following last week's move lower and extension of the bear phase that has been in place since Sep 3. A break of $1721.7, Sep 29 low would confirm a resumption of weakness and open key support at $1690.6, Aug 9 low. Note though that the Sep 30 price pattern is a bullish engulfing candle. A rally would suggest scope for a stronger bounce, perhaps towards $1787.4.

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