Downtrend Remains Dominant *RES 4:.......>

GOLD TECHS: Downtrend Remains Dominant

*RES 4: $1346.8 - High Feb 20 

*RES 3: $1330.0 - High Feb 27 

*RES 2: $1315.3/1315.5 - High Mar 1/21-dma

*RES 1: $1297.1/1301.9 - High Mar 4/50-dma

*PRICE: $1288.6 @ 05:33 GMT Mar 5 

*SUP 1: $1282.9 - Low Mar 1 

*SUP 2: $1276.8 - Low Jan 21/38.2% retracement 

*SUP 3: $1266.5 - 100-dma 

*SUP 4: $1253.8 - 50% retracement of Aug-Feb rally 

Gold lost further ground yesterday and recovery efforts have lacked impulse

keeping the focus on the downside. Below yesterday's lows would suggest a run at

the Feb 21 ytd lows at $1276.8 where the 38.2% retracement sits. A break below

here would raise the prospect of a further downside reversal towards the 100-dma

at $1266.5. Bulls look to recover yesterday's high to stabilise the outlook and

look to target Friday's high and the 21-dma.