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Downside Risk Still Present

GOLD TECHS
  • RES 4: $2030.0 - High Aug 11 and key resistance
  • RES 3: $2025.4 - 76.4% retracement of the Aug 7 - 12 sell-off
  • RES 2: $2015.7 - High Aug 18 and key near-term resistance
  • RES 1: $1992.5 - High Sep 1
  • PRICE: $1927.3 @ 06:44 BST Sep 8
  • SUP 1: $1903.1 - 50-day EMA
  • SUP 2: $1902.9 - Low Aug 26 and key near-term support
  • SUP 3: $1863.2 - Low Aug 12 and the reversal trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold is unchanged and still trades below recent highs while also still appearing vulnerable. The sell-off on Aug 19 signalled the end of a correction between Aug 12 - 18. Also, key resistance at $2030.0, Aug 11 high remains intact. In pattern terms, Aug 19 is a bearish engulfing candle highlighting bearish sentiment. Further weakness would open $1902.9, Aug 28 low. A break would expose $1863.2, Aug 12 low. Resistance is at $1992.5.

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