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Monitoring Support At $1873.0

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 2: $1955.7 - High Sep 21
  • RES 1: $1933.3 - High Oct 12 and the bull trigger
  • PRICE: $1895.1 @ 06:54 BST Oct 14
  • SUP 1: $1882.5 - Intraday low
  • SUP 2: $1873.0 - Low Oct 7 and key near-term support
  • SUP 3: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 4: $1841.2 - Low Jul 22

Gold reversed course yesterday as the yellow metal faced stiff resistance. It is too early to tell whether this is a more meaningful bearish reversal. Attention is on support $1873.0, Oct 7 low where a break is required to suggest scope for a deeper pullback and expose the key support at $1848.8, Sep 28 low. This latter level also represents the bear trigger. On the upside, clearance of $1933.3, Oct 12 high would resume recent bullish pressure.

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