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Approaching Trendline Support

GOLD TECHS
  • RES 4: $2075.5 - All-Time High Aug 7 2020
  • RES 3: $2070.4 - High Mar 8 and a key resistance
  • RES 2: $2022.6/2063.0 - High May 12 / 4 and key resistance
  • RES 1: $1990.8 20-day EMA
  • PRICE: $1956.7 07:20 BST May 25
  • SUP 1: $1952.0 - Low May 18
  • SUP 2: $1934.3 - Low Mar 22
  • SUP 3: $1931.4 - Trendline support drawn from the Nov 3 2022
  • SUP 4: $1900.0 - Round number support

The bear cycle in Gold remains intact and price is trading closer to its recent lows. The yellow metal last week cleared support at $1975.3, the 50-day EMA and $1969.3, the Apr 19 low. This highlights a stronger bearish threat and opens $1934.3, the Mar 22 low and $1931.4, trendline support drawn from Nov 3 2022. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $2022.6, the May 12 high.

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