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Key Resistance Is At $1853.9

GOLD TECHS
  • RES 4: $1877.2 - High Nov 16 and key resistance
  • RES 3: $1871.0 - High Nov 18
  • RES 2: $1853.9 - High Jan 25 and the bull trigger
  • RES 1: $1823.3 - Intraday high
  • PRICE: $1817.6 @ 07:22 GMT Feb 8
  • SUP 1: $1805.6/1780.4 - Low Feb 7 / Low Jan 28 and the bear trigger
  • SUP 2: $1775.7 - Low Dec 16
  • SUP 3: $1753.7 - Low Dec 15 and a key support
  • SUP 4: $1746.0 - Low Oct 6

Gold remains above recent lows and the yellow metal traded higher Monday. Attention has been on the recent failure at $1853.9 on Jan 25 and the subsequent sell-off that resulted in a break of its bull channel base drawn off the Aug 9 low. This break highlights a bearish threat plus a more significant reversal and signals potential for weakness towards $1775.7, the Dec 16 low. For bulls, an extension higher would expose key resistance at $1853.9.

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