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Pullback Seen Corrective *RES 4:.........>

GOLD TECHS
GOLD TECHS: Pullback Seen Corrective
*RES 4: $1611.4 - High Jan 8 and key resistance
*RES 3: $1600.0 - Round number resistance
*RES 2: $1593.6 - 76.4% retracement of the Jan 8 - Jan 14 decline
*RES 1: $1588.7 - High Jan 27
*PRICE: $1568.4 @ 07:12 GMT Jan 29
*SUP 1: $1556.6 - Low Jan 24
*SUP 2: $1546.0 - Low Jan15
*SUP 3: $1536.0 - Low Jan 14 and bear trigger
*SUP 4: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally
Gold found resistance yesterday. The move lower though, at least for now,
reflects an easing of the risk averse mood that has dominated market sentiment
recently. From a technical standpoint, gains are still likely S/T with bullish
conditions still intact despite the sell-off yesterday. Price this week traded
above $1582.6, 61.8% of the Jan 8 - Jan 14 decline. This is positive and opens
$1600.0 and $1611.4, Jan 8 high. $1556.6 marks support.

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