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Downside Resumption *RES 4: $1510.0 -....>

GOLD TECHS
GOLD TECHS: Downside Resumption
*RES 4: $1510.0 - High Nov 5
*RES 3: $1494.3 - High Nov 6
*RES 2: $1490.3 - Channel top drawn off Sep 4 high
*RES 1: $1484.1 - High Dec 4
*PRICE: $1462.2 @ 07:31 GMT Dec 9
*SUP 1: $1450.1 - Low Nov 26
*SUP 2: $1445.7 - Low Nov 12 and bear trigger
*SUP 3: $1436.8 - Low Aug 5
*SUP 4: $1411.0 - Projected channel base drawn off Sep 4 high
Gold stalled last week at Wednesday's $1484.1 high. The sell-off on Friday
signals an end to the recent correction and a resumption of the downtrend. Note
the bear channel resistance drawn off the Sep 4 high at $1490.3 remains intact.
A break of this channel resistance is required to signal a stronger bullish
theme and a potential reversal. For now the focus is back on the downside, a
break of $1450.1 would expose the bear trigger at $1445.7.

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