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GOLD TECHS: Doji Reversal Defines The Recent Low
*RES 4: $1770.1 - 1.236 projection of the Nov - Mar rally from Mar 16 low
*RES 3: $1765.4 - High May 18 and the bull trigger
*RES 2: $1754.0 - High May 20
*RES 1: $1740.3 - High May 22
*PRICE: $1722.0 @ 06:42 BST May 29
*SUP 1: $1694.3 - Low May 27 and key intraday support
*SUP 2: $1692.0 - Low May 11
*SUP 3: $1685.8 - 50-day EMA
*SUP 4: $1676.8 - Low May 7
Gold traded Wednesday but bounced off the day low defining a key S/T support at
$1694.3. Note, Wednesday's price action in candle terms is a doji formation.
This suggests the recent sell-off has run its course and if correct, that the
underlying bull trend is set to resume. Initial resistance that would need to be
cleared is $1740.3, May 22 high. A break would open $1765.4, May 18 high. Sub
$1694.3 levels, would again resume a near-term bearish threat.