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GOLD TECHS: BACK BELOW $2,000

GOLD TECHS
  • RES 4: $2101.6 - Upper Bollinger Band (2%)
  • RES 3: $2100.0 - Handle Resistance
  • RES 2: $2075.5 - High Aug 7 and all-time high
  • RES 1: $2061.5 - 3.0% 10-dma Envelope
  • PRICE: $1915.4 @ 08:05 BST Aug 12
  • SUP 1: $1938.9 - Low Aug 11
  • SUP 3: $1929.1 - 23.6% Mar - Aug Rally
  • SUP 3: $1907.0/1899.9 - Low Jul 28 / Low Jul 27
  • SUP 4: $1841.2 - Low Jul 22

Gold has continued its descent from Friday's record high of 2075.5, relieving the RSI which has now fallen well below 70, moving out of technical "overbought territory". This may provide markets with an opportunity to re-initiate longs on any renewed upleg. Bulls remain in charge for now with support at 1929.1 needing to give way before the outlook deteriorates. Ultimate upside target remains at the heady heights of $2,100.

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