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Downside Extension

  • RES 4: $1805.7 - High Feb 25
  • RES 3: $1771.5 - 50-day EMA
  • RES 2: $1755.5 - High Mar 18 and key resistance
  • RES 1: $1736.9 - 20-day EMA
  • PRICE: $11699.6.0 @ 09:40 GMT Mar 30
  • SUP 1: $1695.4 - Intraday low
  • SUP 2: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 3: $1671.0 - Low Jun 5, 2020
  • SUP 4: $1659.6 - Low Apr 21, 2020

Gold traded lower yesterday breaching support at $1719.3, Mar 18 low. The yellow metal has also cleared support at $1699.3 today, Mar 12 low, extending the current bearish pressure.The breach of $1699.3 marks a key intraday development and reinforces a bearish threat plus signals scope for a move towards $1676.9, the Mar 8 low and a bear trigger. Key short-term resistance has been defined at $1755.5, Mar 18 high.

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