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Strong Resistance Up To $2030.0

GOLD TECHS
  • RES 4: $2075.5 - High AUg 7 and major resistance
  • RES 3: $2030.0 - High Aug 11
  • RES 2: $2000.0 - Round number resistance
  • RES 1: $1966.4 - High Aug 13
  • PRICE: $1944.0 @ 06:52 BST Aug 17
  • SUP 1: $1912.9 - Low Aug 13
  • SUP 2: $1863.2 - Low Aug 12 and the bear trigger
  • SUP 3: $1841.2 - Low Jul 22
  • SUP 4: $1837.1 - 38.2% retracement of the Mar - Aug Rally

Gold has retraced some of its recent sharp losses. Despite this, the yellow metal remains vulnerable with a band of strong resistance evident up to 2030.0, the Aug 11 high. Sharp losses on this day have highlighted a bearish candle pattern known as a standard line that signals scope for a deeper sell-off. Bulls would need to clear $2030.0 to offset the bearish risk. The bear trigger lies at $1863.2.

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