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Primary Trend Direction Remains Down

GOLD TECHS
  • RES 4: $1735.1 - High Sep 12 and a key resistance
  • RES 3: $1729.5 - High Oct 4 and the bull trigger
  • RES 2: $1693.4 - 50-day EMA
  • RES 1: $1670.5 - Intraday high
  • PRICE: $1655.6 @ 07:19 BST Oct 24
  • SUP 1: $1615.0 - Low Sep 28 and the 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

Despite Friday’s gains, Gold remains in a downtrend. This follows the recent reversal from $1729.5, Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4 and note that price remains below the trendline resistance drawn from the Mar 8 high. Sights are on the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, the next firm resistance is at $1693.4, the 50-day EMA.

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