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GOLD TECHS: Focus is on a correction.....>

GOLD TECHS
GOLD TECHS: GOLD TECHS: Focus is on a correction
*RES 4: $1617.1 - High Apr 2013
*RES 3: $1600.0 - Psychological round number
*RES 2: $1587.0 - 61.8% retracement of the 2011 to 2015 decline
*RES 1: $1555.3 - High Aug 26
*PRICE: $1524.0 @ 07:12 BST Sep 3
*SUP 1: $1517.0 - Low Aug 30
*SUP 2: $1492.4 - Low Aug 22 and key support
*SUP 3: $1479.7 - Low Aug 13
*SUP 4: $1471.4 - Low Aug 7
Gold is bullish overall, however the yellow metal appears to have entered a
corrective phase. Whether this results in a deeper pullback will depend on
support at $1492.4, the low of Aug 22. If breached, the potential would be for a
move towards the broader trendline support at $1464.7, drawn off the May 30 low.
From a bullish perspective, the focus is on $1587.0, 61.8% of the 2011 - 2015
decline. The bull trigger is at $1553.3, the Aug 26 high.

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