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GOLD TECHS: Focus Is On $1483.0 Bear Trigger
*RES 4: $1590.5 - High week ending Apr 12, 2013
*RES 3: $1557.3 - High Sep 4 and key resistance
*RES 2: $1535.8 - High Sep 24
*RES 1: $1512.6 - High Sep 26
*PRICE: $1488.7 @ 07:36 BST Sep 30
*SUP 1: $1486.7 - Low Sep 27
*SUP 2: $1483.0 - Low Sep 18 and key bear trigger
*SUP 3: $1479.7 - Low Aug 13
*SUP 4: $1471.4 - Low Aug 7
Gold remains vulnerable following the sell-off on Sep 25. The price pattern from
Wednesday in candle terms is a bearish engulfing. The implications are that the
recent recovery was a correction and importantly that the correction is over. If
correct, the yellow metal is seen testing the key support at $1483.0. A break
would confirm a reversal. The high of $1535.8, Sep 24 has been defined as a key
resistance. A move above here is needed to reinstate a bullish outlook.