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Decline Has $1242.5-$1240.9 As Next......>

GOLD TECHS
GOLD TECHS: Decline Has $1242.5-$1240.9 As Next Potential Target Zone
*RES 4: $1270.4 Nov 30 low, now resistance
*RES 3: $1263.8 Oct 27 low, now resistance
*RES 2: $1260.7 Oct 6 low, now resistance
*RES 1: $1254.5 Hourly resistance
*PRICE: $1249.5 @0534GMT
*SUP 1: $1242.5 1.618x $1299.3-$1270.4 from $1289.3
*SUP 2: $1241.9 1.618 swing of $1263.8-$1299.3
*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7
*SUP 4: $1232.6 1.618 swing of $1260.7-$1306.1
*COMMENTARY* Having lost key support from $1262.3 and $1260.7 earlier last week,
the pace of the fall quickened. This now sees congested support from between
$1242.5 and $1240.9, as the next potential target area and a brake against a
deeper $1232.6 decline. Resistance meanwhile, comes initially from $1254.5,
above which a succession of recent lows now combine to form an umbrella of
resistance above.

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