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Recent Gains Still Considered A Correction

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: $1920.1 - High Sep 22
  • PRICE: $1910.6 @ 06:51 BST Oct 6
  • SUP 1: $1875.6 - Low Sep 29
  • SUP 2: $1848.9 - High Sep 24 and the bear trigger
  • SUP 3: $1841.2 - Low Jul 22
  • SUP 4: $1837.1 - 38.2% retracement of the Mar - Aug uptrend

Gold is holding onto recent gains. The outlook is unchanged however and remains bearish with recent gains considered a correction. The metal recently cleared $1906.7, Sep 8 low and $1902.9, Aug 26 low to signal the end of a period of consolidation. Furthermore, $1863.2, Aug 12 low was breached recently, confirming a stronger reversal and opening $1841.2 next, Jul 22 low. The next resistance is at $1920.1, Sep 22 high.

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