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Southbound

GOLD TECHS
  • RES 4: $1878.4 - High Jun 13
  • RES 3: $1846.8 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1794.8/30.0 - 20-day EMA / 50-day EMA
  • RES 1: $1787.0 - Low May 16 and recent breakout level
  • PRICE: $1729.5 @ 07:19 BST Jul 12
  • SUP 1: $1723.3/21.7 - Intraday low / Low Sep 29 2021
  • SUP 2: $1706.8 - 1.618 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $1690.6 - Low Aug 9 2021
  • SUP 4: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing

Gold traded sharply lower last week and in the process confirmed a breach of key short-term support and the bear trigger at $1787.00, May 16 low. The break marks a resumption of the broader downtrend and sets the scene for weakness towards $1706.8 next, a Fibonacci projection. Moving average studies are in a bear mode condition and today’s fresh trend low, reinforces the current trend direction. Initial resistance is at $1787.0.

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