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GOLD TECHS: Up Trendline Support Under Pressure
*RES 4: $1326.0 - High May 11
*RES 3: $1300.0 - Pivot area
*RES 2: $1265.0 - 200-dma
*RES 1: $1243.5 - High Oct 26
*PRICE: $1203.2 @ 06:22 GMT
*SUP 1: $1196.3 - Low Nov 13
*SUP 2: $1180.9 - Low Sep 28
*SUP 3: $1160.4 - Low Aug 16
*SUP 4: $1122.9 - Dec 15, 2016
Despite breaking below up trendline support yesterday which comes in around
$1200, bulls managed to recover this level to keep the uptrend intact for now.
However, a break below yesterday's low at $1196.3 would shift the outlook
negative, opening the Sep 28 low ahead of a return to the Aug 16 and ytd low at
$1160.4. On the upside, bulls would need to see a break above the Oct 26 high at
$1243.5 to trigger renewed upside momentum and target the 200-dma at $1265.0.