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Remains Vulnerable

GOLD TECHS
  • RES 4: $1807.9 - High Aug 10 and bull trigger
  • RES 3: $1783.2 - High Aug 16
  • RES 2: $1769.2 - 50-day EMA
  • RES 1: $1727.8/1765.5 - Low Aug 22 / High Aug 25
  • PRICE: $1705.0 @ 07:22 BST Sep 1
  • SUP 1: $1700.0 - Round number support
  • SUP 2: $1681.0 - Low Jul 21 and the bear trigger
  • SUP 3: $1676.9 - Low Mar 8 2021
  • SUP 4: $1671.0 - Low Jun 5 2020

Gold remains in a clear short-term downtrend and this week’s extension 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 $1700.0 next ahead of $1681.0, the Jul 21 low and a key bear trigger. On the upside, initial firm resistance has been defined at $1765.53, high Aug 25.

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