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Key Support Remains Exposed

GOLD TECHS
  • RES 4: $1783.2 - High Aug 16
  • RES 3: $1765.5 - High Aug 25 and a key resistance
  • RES 2: $1751.5 - 50-day EMA
  • RES 1: $1735.1 - High Sep 12
  • PRICE: $1702.4 @ 07:14 BST Sep 14
  • SUP 1: $1681.0 - Low Jul 21 and the bear trigger
  • SUP 2: $1676.9 - Low Mar 8 2021
  • SUP 3: $1671.0 - Low Jun 5 2020
  • SUP 4: $1657.1 - 0.764 proj of the Jun 13 - Jul 21 - Aug 10 swing

Gold remains in a clear downtrend and yesterday’s move lower reinforces a bearish theme. Support at $1727.8, Aug 22 low has recently been breached - this confirmed a resumption of the bear cycle that started Aug 10. The break exposes $1681.0, the Jul 21 low and a key bear trigger. Clearance of this level would resume the broader downtrend that started early March. Initial firm resistance is at $1735.1, Monday’s high.

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