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Technical Outlook for Gold

Gold has dipped further, breaking 1777 and testing 1770. This is the exact level we identified yesterday. We noted that below this, there is a vacuum zone to 1759, but several green triangles on the KRI are suggesting we are finding support. From here, we could stabilize in the 1780's, as there are several resistance levels that we have been testing for the past few days. 1795 seems to be a max upper bound for now. The Kovach OBV is still very bearish, but is starting to look over sold, suggesting we could see a bounce back to the value area between 1777 and 1795. Again, watch that vacuum zone to 1759 if things turn south.

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