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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: $1801.2/1813.8 - High )ct 29 / High Oct 22 and key resistance
  • PRICE: $1797.3 @ 07:15 GMT Nov 5
  • SUP 1: $1781.5/1759.0 - 50-day EMA / Low Nov 3 and a key support
  • SUP 2: $1746.0 - Low Oct 6
  • SUP 3: $1721.7 - Low Sep 29 and the bear trigger
  • SUP 4: $1717.8 - Low Aug 10

Gold reversed course yesterday and has rebounded off Wednesday's low of $1759.0. The turnaround reinstates a potential bullish outlook and exposes once again, resistance at $1813.8, Oct 22 high. A break of this level would strengthen a short-term bullish case and signal scope for a climb towards $1834.0, the Sep 3 high. Key short-term support is at $1759.0, a break would be bearish.

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