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Southbound

GOLD TECHS
  • RES 4: $1783.2 - High Aug 16
  • RES 3: $1765.5 - High Aug 25 and a key resistance
  • RES 2: $1740.6 - 50-day EMA
  • RES 1: $1688.9/1735.1 - Low Sep 1 / High Sep 12
  • PRICE: $1672.8 @ 07:20 BST Sep 20
  • SUP 1: $1654.2 - Low Sep 16
  • SUP 2: $1640.9 - Low Aug 8 2020
  • SUP 3: $1610.5 - 1.00 proj of the Jun 13 - Jul 21 - Aug 10 swing
  • SUP 4: $1569.1 - Low Apr 1 2020

Gold remains in a clear downtrend and last week’s extension lower reinforces this theme. The move lower has confirmed a resumption of the downtrend that started early March - price has cleared support at $1681.0, the Jul 21 low. Attention is on $1640.9 next, the Aug 8 2020 low. Key trend resistance has been defined at $1735.1, the Sep 12 high. Initial resistance is at $1688.9, the Sep 1 low.

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