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Heavy!

GOLD TECHS
  • RES 4: $1841.8 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1822.4 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1752.3/83.2 - High Jul 8 / 20-day EMA
  • PRICE: $1725.1 @ 07:25 BST Jul 14
  • SUP 1: $1706.8 - 1.618 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 2: $1690.6 - Low Aug 9 2021
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold remains in a downtrend. The yellow metal traded sharply lower last week, clearing a key short-term support and bear trigger at $1787.00, May 16 low. The break marks a resumption of the broader downtrend and this week’s extension reinforces bearish conditions. The focus is on $1706.8 next, a Fibonacci projection. Moving average studies are in a bear mode condition, highlighting current bearish sentiment. Initial firm resistance is at $1787.0.

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