Gold is Below $1900
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In line with our expectations mentioned in yesterday’s note. Gold failed to sustain its gains above $1900/Oz and declined back all the way to $1888 during the Asian session today, leading the technical indicators to turn lower, especially the RSI indicator. In the meantime, we will keep Gold on watch for a possible long on the short-term next week. The current downside retracement may continue towards $1870 and $1850 which likely to hold and this is when we will be looking for new long positions.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1865.47 | 1880.83 | 1888.69 | 1896.19 | 1904.05 | 1911.55 | 1926.91 |