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Path Of Least Resistance Remains Down

GOLD TECHS
  • RES 4: $1834.4 - Trendline resistance drawn from the Mar 8 high
  • RES 3: $1809.6 - 50-day EMA
  • RES 2: $1787.0 - Low May 16, recent breakout level
  • RES 1: $1745.4/64.0 - High Jul 13 / 20-day EMA
  • PRICE: $1709.0 @ 07:59 BST Jul 19
  • SUP 1: $1697.7 - Low Jul 14
  • SUP 2: $1690.6 - Low Aug 9 2021
  • SUP 3: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold is consolidating. The outlook is bearish and the yellow metal remains in a downtrend. Recent weakness confirmed a continuation of the bear cycle that has resulted in the break of $1787.00, May 16 low. The focus is on $1690.6 next, the Aug 9 2021 low. Moving average studies are in a bear mode condition, highlighting current market sentiment. Initial firm resistance is at $1769.7, the 20-day EMA.

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