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Remains Vulnerable

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16
  • RES 2: $1965.6 - High Nov 9 and the bull trigger
  • RES 1: $1899.2 - High Nov 16
  • PRICE: $1867.3 @ 06:59 GMT Nov 20
  • SUP 1: $1850.5 - Low Nov 9
  • SUP 2: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $1818.0 - High Jul 8

Gold traded lower yesterday and continues to appear vulnerable following the Nov 9 sharp sell-off. While the move lower last week is bearish, the yellow metal has still not cleared a key near-term support at $1848.80, Sep 28 low and a bear trigger. A breach of this support is required to confirm bearish conditions and open $1837.1, the 38.2% retracement of the Mar - Aug rally. A stronger intraday recovery would expose $1965.6, Nov 9 high.

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