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Resumes Bear Cycle

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9 and the bull trigger
  • RES 3: $1899.2 - High Nov 16
  • RES 2: $1882.7 - 20-day EMA
  • RES 1: $1848.8 Low Sep 28 and recent breakout level
  • PRICE: $1828.1 @ 06:49 GMT Nov 24
  • SUP 1: $1821.4 - Low Nov 24
  • SUP 2: $1815.8 - Low Jul 21
  • SUP 3: $1800.0 - Round number support
  • SUP 4: $1795.0 - Low Jul 16

Gold traded lower yesterday clearing key support at $1848.0, Sep 28 low and the bear trigger. The break lower confirms a resumption of the bearish cycle that has been in place since Aug 7 and sets the scene for weakness towards the $1800.00 level. MA studies are in a bear mode, reinforcing current trend conditions. The breakout level of $1848.0 marks initial resistance. Key trend resistance is at $1899.2, Nov 16 high.

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