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Southbound

GOLD TECHS
  • RES 4: $1966.0 - High Aug 1
  • RES 3: $1953.0 - High Sep 1 and key resistance
  • RES 2: $1919.1 - 50-day EMA
  • RES 1: $1879.9/1905.5 - High Sep 29 / 20-day EMA
  • PRICE: $1843.0 @ 07:26 BST Oct 2
  • SUP 1: $1839.0 - 50.0% of the Sep 28 ‘22 - May 4 bull leg
  • SUP 2: $1827.8 - Low Mar 10
  • SUP 3: $1804.9- Low Feb 28 and a key resistance
  • SUP 4: $1786.1 - 61.8% of the Sep 28 ‘22 - May 4 bull leg

Gold sold off sharply last week and the yellow metal is starting this week’s session on a bearish note. The recent move lower resulted in a break of support at $1901.10 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started off the early May high. Attention is $1839.0, a Fibonacci retracement point. On the upside, initial firm resistance is at $1905.5, the 20-day EMA.

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