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Remains Vulnerable

GOLD TECHS
  • RES 4: $1829.8 - 38.2% retracement of the Mar 8 - Jul 21 bear leg
  • RES 3: $1807.9 - High Aug 10 and bull trigger
  • RES 2: $1773.5 - 50-day EMA
  • RES 1: $1765.5 - High Aug 25
  • PRICE: $1723.5 @ 07:17 BST Aug 31
  • SUP 1: $1711.0 - 76.4% retracement of the Jul 21 - Aug 10 upleg
  • SUP 2: $1700.0 - Round number support
  • SUP 3: $1681.0 - Low Jul 21 and the bear trigger
  • SUP 4: $1676.9 - Low Mar 8 2021

Gold remains in a clear short-term downtrend and Monday’s move lower reinforces a bearish condition. Support at $1727.8, Aug 22 low has been breached to confirm a resumption of the bear cycle. The break lower paves the way for weakness towards $1711.0, a Fibonacci retracement and $1700.00 further out. On the upside, initial firm resistance has been defined at $1765.53, high Aug 25.

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