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Holds Onto Recent Corrective Gains

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 2: $1955.7 - High Sep 21
  • RES 1: $1920.1 - High Sep 22
  • PRICE: $1907.2 @ 07:12 BST Oct 2
  • SUP 1: $1875.6 - Low Sep 29
  • SUP 2: $1848.9 - High Sep 24 and the bear trigger
  • SUP 3: $1841.2 - Low Jul 22
  • SUP 4: $1837.1 - 38.2% retracement of the Mar - Aug uptrend

Gold is holding onto this week's gains. In terms of direction, the outlook remains bearish and recent gains are considered corrective. The metal recently cleared $1906.7, Sep 8 low and $1902.9, Aug 26 low to signal the end of a recent period of consolidation. Last week's key development was the break of $1863.2, Aug 12 low, confirming a stronger reversal and opening $1841.2 next, Jul 22 low. The next resistance is at $1920.1, Sep 22 high.

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