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Approaching Its Bear Trigger

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1878.4 - High Jun 13
  • RES 2: $1864.2 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1832.6/52.4 - 20-day EMA / 50-day EMA
  • PRICE: $1798.3 @ 07:21 BST Jul 1
  • SUP 1: $1795.3 - Intraday low
  • SUP 2: $1787.0 - Low May 16 and bear trigger
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Gold has weakened and traded below its initial minor support levels. The move lower reinforces bearish conditions and attention is on the key support and bear trigger at $1787.00, May 16 low. A breach of this level would confirm a resumption of the downtrend. On the upside, key trendline resistance intersects at $1864.2. The trendline is drawn from the Mar 8 high and a breach is required to reverse the short-term direction.

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