Tanalys

Gold spot ST: key resistance at 1118.

Pivot: 1118

Our preference: short positions below 1118 with targets @ 1030 1000 in extension.

Alternative scenario: above 1118 look for further upside with 1158 1191 as targets.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Supports and resistances:

1191 *

1158 **

1118 ***

1085 Last

1030 **

1000 **

970 *

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