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Short-Term Outlook Appears Bearish

GOLD TECHS
  • RES 4: $1863.3 - 76.4% retracement of the Jun - Aug sell-off
  • RES 3: $1844.9 - Low Jun 14
  • RES 2: $1834.0 - High Sep 3 and the bull trigger
  • RES 1: $1796.4/1813.8 - High Nov 2 / High Oct 22 and key resistance
  • PRICE: $1775.2 @ 07:24 GMT Nov 4
  • SUP 1: $1759.0 - Low Nov 3
  • SUP 2: $1746.0 - Low Oct 6 and key near-term support
  • SUP 3: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 4: $1717.8 - Low Aug 10

Gold traded lower yesterday and breached initial support at $1772.0, the Oct 29 low. The break lower highlights a developing bearish risk and exposes support at $1760.4, Oct 18 low that was also probed. A clear break of this level would strengthen the case for bears and signal scope for a pullback towards $1721.7, Sep 29 low and a key support. Key resistance is at $1813.8, Oct 22 high. A break would reinstate the recent bull theme.

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