Underlying Downtrend Remains Intact......>

GOLD TECHS: Underlying Downtrend Remains Intact

*RES 4: $1519.8 - High Oct 3 and key near-term resistance

*RES 3: $1508.6 - Channel top drawn off Sep 4 high

*RES 2: $1494.4 - High Nov 6

*RES 1: $1474.7 - High Nov 14

*PRICE: $1465.6 @ 07:07 GMT Nov 18

*SUP 1: $1445.7/8 - Low Nov 12 / 38.2% of Apr 24 - Sep 4 rally

*SUP 2: $1436.8 - Low Aug 5

*SUP 3: $1419.5 - Projected channel base drawn off Sep 4 high

*SUP 4: $1411.4 - 50.0% retracement of Apr 24 - Sep 4 rally

Despite recovering last week, Gold retains a bearish outlook. The recent break

of key support at $1473.9, Oct 11 low and $1459.00, Oct 1 low maintains a

bearish theme. Furthermore, the break of the latter level represents an

important technical breach as it confirms a resumption of the downtrend that has

been in place since prices peaked at $1557.3 on Sep 3. The bear trigger is

$1445.7, Nov 12 low. Resistance is at $1474.7, Thursday's high.