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Shooting Star Reversal? *RES 4:..........>

GOLD TECHS
GOLD TECHS: Shooting Star Reversal?
*RES 4: $1708.7 - 1.382 of Aug 2018 low to Sep 2019 high
*RES 3: $1696.2 - High Jan 22, 2013
*RES 2: $1689.3 - High Feb 24
*RES 1: $1664.0 - Intraday high
*PRICE: $1637.2 @ 06:28 GMT Feb 25
*SUP 1: $1611.4 - High Jan 8
*SUP 1: $1592.1 - High Feb 3 and former resistance
*SUP 3: $1578.9 - Low Feb 17
*SUP 4: $1560.2 - 50-day EMA
Gold rallied yesterday but did find firm resistance at the day high of $1689.3.
In candle terms, yesterday's price pattern is a shooting star (inverted hammer)
reversal. Putting all fundamental drivers aside, this pattern does suggest the
yellow metal has potentially rallied too far for now and is likely to unwind
some of its recent gains. If correct, the risk is for a pullback towards
$1611.42 initially, Jan 8 high. $1689.3 is a key resistance and a bull trigger.

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