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Shooting Star Reversal *RES 4: $1639.2...>

GOLD TECHS
GOLD TECHS: Shooting Star Reversal
*RES 4: $1639.2 - 2.00 projection of Aug '18 - Feb '19 rally from May '19 low
*RES 3: $1611.4 - Intraday high
*RES 2: $1600.0 - Round number resistance
*RES 1: $1561.6 - Intraday high
*PRICE: $1545.8 @ 07:03 GMT Jan 9
*SUP 1: $1540.3 - 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 traded sharply lower off the day high of $1611.4. Significantly, price has
traded below former support at $1555.3, Jan 7 low suggesting a top has been put
in place for now and the technical outlook suggests scope for a deeper pullback
near-term. Note too that in candle terms, yesterday's pattern is a shooting star
reversal. Scope is seen for weakness towards $1528.6 next, 50% retracement of
the Nov 12 - Jan 8 rally. Initial resistance is at $1561.4.

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