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Remains Under Pressure

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: $1884.8.3 @ 07:00 BST Sep 23
  • SUP 1: $1863.2 - Low Aug 12 and the reversal trigger
  • SUP 2: $1841.2 - Low Jul 22
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug uptrend
  • SUP 4: $1818.0 - High Jul 8

Gold started the week on a softer note and maintains a bearish posture. The metal earlier this week cleared supports at $1906.7, Sep 8 low and $1902.9, Aug 26 low. The break lower signals the end of the period of consolidation that has dominated recent activity and exposes major support at $1863.2, Aug 12 low. A break of this level would confirm a stronger reversal. On the upside, key resistance has been defined at $1973.6, Sep 16 high.

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