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50-day EMA Remains Exposed

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9, 2020
  • RES 3: $1959.4 - High Jan 6 and key resistance
  • RES 2: $1927.7 - High Jan 7
  • RES 1: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • PRICE: $1868.5 07:18 BST Jun 15
  • SUP 1: $1844.9 - Low Jun 14
  • SUP 2: $1842.6 - 50-day EMA
  • SUP 3: $1808.9 - Low May 13
  • SUP 4: $1785.1 - Low May 6

Gold traded lower yesterday, extending Friday's sell-off. The yellow metal traded through $1856.2, Jun 4 low. The break strengthens a short-term bearish case exposing the 50-day EMA at $1842.6. The 50-day EMA also represents a strong area of trend support. For bulls, yesterday's rebound does highlight some short-term bullish signals. The yellow metal will need to extend the rebound to suggest a base has instead been established.

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