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Decline Continues, $1246.9 Now...........>

GOLD TECHS
GOLD TECHS: Decline Continues, $1246.9 Now Protects Against $1236.6 Return 
*RES 4: $1282.2 May 21 low, now resistance
*RES 3: $1276.6 Jun 20 high
*RES 2: $1272.7 Jun 22 high
*RES 1: $1261.2 Jun 21 low, now resistance
*PRICE: $1251.8 @0910GMT
*SUP 1: $1246.9 3 month bear channel base projection
*SUP 2: $1236.6 Dec 12 low
*SUP 3: $1226.2 Equality fall from $1309.4 to $1365.4-$1282.2
*SUP 4: $1215.7 61.8% Fibo of $1122.6-$1380
*COMMENTARY* Lost support from the key $1286.6-$1286.1 area last month which
raised concerns. This the rising support line at the time, from the December
2016 lows and the 61.8% Fibo retrace level of this year's $1236.6-$1366.2 rise.
Below and with the $1267.2-$1262.3 supports now exceeded, the risk is for a test
to the 3 month channel base at $1246.9. Resistance $1261.2-$1272.7 keeps focus
lower. The Dec 12 low at $1236.6 is next on the agenda below $1246.9.

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