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Correction Likely? *RES 4: $1708.7 -.....>

GOLD TECHS
GOLD TECHS: Correction Likely?
*RES 4: $1708.7 - 1.382 of Aug 2018 low to Sep 2019 high
*RES 3: $1696.2 - High Jan 22, 2013
*RES 2: $1689.3 - High Feb 24 and key resistance
*RES 1: $1664.0 - High Feb 25
*PRICE: $1644.2 @ 06:30 GMT Feb 26
*SUP 1: $1611.4 - High Jan 8
*SUP 1: $1592.1 - High Feb 3 and former resistance
*SUP 3: $1578.9 - Low Feb 17
*SUP 4: $1563.1 - 50-day EMA
Gold extended its retracement yesterday down to $1625.22 but has so far
recovered off this low. In candle terms, Monday's price pattern is a shooting
star (inverted hammer) reversal. This pattern does suggest the yellow metal has
potentially rallied too far recently in price terms and, is likely to unwind
some of its recent gains as part of a correction. If correct, the risk is for a
pullback towards $1611.42 initially, Jan 8 high. $1689.3 is the key resistance.

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