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Heavy! *RES 4: $1519.8 - High Oct 3......>

GOLD TECHS
GOLD TECHS: Heavy!
*RES 4: $1519.8 - High Oct 3 and key near-term resistance
*RES 3: $1512.3 - Channel top drawn off Sep 4 high
*RES 2: $1494.4 - High Nov 6
*RES 1: $1473.9 - Low Oct 11 and former range base
*PRICE: $1449.7 @ 06:34 GMT Nov 12
*SUP 1: $1445.8 - 38.2% retracement of Apr 24 - Sep 4 rally
*SUP 2: $1436.8 - Low Aug 5
*SUP 3: $1431.4 - Projected channel base drawn off Sep 4 high
*SUP 4: $1411.4 - 50.0% retracement of Apr 24 - Sep 4 rally
Gold retains a bearish focus. The yellow metal last week breached its range base
at $1473.9, Oct 11 low and more importantly cleared former key support at
$1459.00, Oct 1 low. The break represents an important technical breach as it
confirms a resumption of the downtrend that has been in place since prices
peaked at $1557.3 on Sep 3. Momentum studies are bearish too. Attention is on a
move to $1436.8 next. Resistance is now seen at $1473.9.

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