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GOLD TECHS: Gains Are Likely Corrective
*RES 4: $1519.7 - High Oct 3 and key resistance
*RES 3: $1504.4 - Channel top drawn off Sep 4 high
*RES 2: $1492.2 - High Nov 7
*RES 1: $1475.5 - Intraday high
*PRICE: $1471.0 @ 07:07 GMT Nov 19
*SUP 1: $1445.7 - Low Nov 12
*SUP 2: $1436.8 - Low Aug 5
*SUP 3: $1425.0 - Projected channel base drawn off Sep 4 high
*SUP 4: $1411.7 - 50.0% retracement of May 2 - Sep 4 rally
Despite the recent recovery, Gold retains a bearish outlook. The recent break of
key support at $1474.1, Oct 11 low and $1459.1, Oct 1 low maintains a bearish
theme. Furthermore, the break of the latter level marked an important technical
breach as it confirms a resumption of the downtrend that has been in place since
prices peaked at $1557.1 on Sep 3. The bear trigger is $1445.7, Nov 12 low.
Resistance is at $1492.2, Nov 7 high.