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GOLD TECHS: Looking For A Break Lower
*RES 4: $1572.2 - 1.618 projection of Oct 1 - Oct 3 rally from Oct 11 low
*RES 3: $1557.3 - Trend high Sep 4
*RES 2: $1535.8 - High Sep 24
*RES 1:$1519.8 - High Oct 3 and key near-term resistance
*PRICE: $1498.6 @ 07:14 BST Oct 31
*SUP 1: $1481.0 - Low Oct 30
*SUP 2: $1473.9 - Low Oct 11
*SUP 3: $1459.0 - Low Oct 1 and bear trigger
*SUP 4: $1436.8 - Low Aug 5
Overall, Gold remains bearish. Price action Oct 25 failed to develop into a more
a more meaningful recovery and stalled ahead of $1519.80. The price pattern on
this day was a doji candle suggesting the most recent recovery was a correction
and that the correction ended on Oct 25. Monday's sell-off confirmed this and
opens support at $1473.9, Oct 11 low. A break would target $1459.0. Clearance of
$1519.8 is needed to reinstate a bullish outlook.