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Key Support Intact

GOLD TECHS

Yesterday's Sharp Sell-Off Terminated Of Key Support

  • Gold is softer following yesterday's sharp sell-off.
  • While the sharp sell-off yesterday is bearish, we note that the yellow metal has yet to clear a key near-term support at $1848.80, Sep 28 low and a bear trigger.
  • A breach of this support is required to confirm bearish conditions and open $1837.1, 38.2% retracement of the Mar - Aug rally.
  • A stronger near-term recovery would expose $1965.6, yesterday's high.
  • Initial resistance is at $1904.8, the 50-day EMA

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