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Set To Trade Heavy Near-Term *RES 4:.....>

GOLD TECHS
GOLD TECHS: Set To Trade Heavy Near-Term
*RES 4: $1639.2 - 2.00 projection of Aug '18 - Feb '19 rally from May '19 low
*RES 3: $1611.4 - High Jan 8 and key resistance
*RES 2: $1600.0 - Round number resistance
*RES 1: $1563.1 - High Jan 10
*PRICE: $1539.7 @ 06:50 GMT Jan 14
*SUP 1: $1536.0 - Intraday low
*SUP 2: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally
*SUP 3: $1517.3 - Low Jan 2
*SUP 4: $1509.0 - 61.8% retracement of the Nov 12 - Jan 8 rally
Gold is weak and has traded lower once again today. The bearish outlook follows
the rejection of last week's $1611.4 high. The sell-off has resulted in the
formation of a bearish price sequence of lower lows and lower highs reinforcing
the current bearish theme. Note, in candle terms, last Wednesday's pattern is a
shooting star reversal. Scope is for weakness towards $1528.6 next, 50% of the
Nov 12 - Jan 8 rally. Initial resistance is at $1563.1.

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