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Watching Tuesday's Price Patter *RES.....>

GOLD TECHS
GOLD TECHS: Watching Tuesday's Price Patter
*RES 4: $1611.4 - High Jan 8 and key resistance
*RES 3: $1600.0 - Round number resistance
*RES 2: $1582.6 - 61.8% retracement of the Jan 8 - Jan 14 decline
*RES 1: $1563.1 - High Jan 10
*PRICE: $1554.7 @ 06:25 GMT Jan 17
*SUP 1: $1536.0 - Low Jan 14 and bear trigger
*SUP 2: $1528.6 - 50% retracement of the Nov 12 - Jan 8 rally
*SUP 3: $1517.3 - Low Jan 2
*SUP 4: $1509.0 - 61.8% retracement of the Nov 12 - Jan 8 rally
Gold remains slightly firmer following the recovery off Tuesday's $1536.00 low.
The technical outlook remains bearish however bears should monitor Tuesday's
price pattern, a doji formation. This is a reversal signal and could prove to be
an early indication of a resumption of the broader uptrend. Watch resistance at
$1563.1, Jan 10 high. If breached this would confirm a S/T turn and open
$1582.6, a retracement level. Key support and the bear trigger is $1536.0.

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