Key Support Remains Exposed

• RES 4: $1729.5 - High Oct 4 and the bull trigger
• RES 3: $1714.8 - High Oct 7
• RES 2: $1679.1 - 50-day EMA
• RES 1: $1669.5 - High Nov 2
• PRICE: $1647.8 @ 07:22 GMT Nov 4
• SUP 1: $1615.0 - Low Sep 28 and a bear trigger
• SUP 2: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
• SUP 3: $1600.00 - Round number support
• SUP 4: $1569.1 - Low Apr 1 2020

A downtrend in Gold remains intact. A bearish theme follows the reversal from $1729.5, Oct 4 high and the subsequent move lower signals the end of the Sep 28 - Oct 4 bull phase. A continuation lower would open key support and the bear trigger at $1615.0, Sep 28 low. A break of this level would resume the downtrend. On the upside, the next firm resistance is at $1679.1, the 50-day EMA. A breach of this EMA would highlight a stronger reversal.