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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: $1941.3 13:48 BST May 25
  • SUP 1: $1934.3 - Low Mar 22
  • SUP 2: $1931.4 - Trendline support drawn from the Nov 3 2022
  • SUP 3: $1900.0 - Round number support
  • SUP 4: $1885.8 - Low Mar 15

The bear cycle in Gold remains intact and the yellow metal is trading lower today as it resumes the downtrend that started on Apr 26. The break lower paves the way for a move towards $1934.3, the Mar 22 low and $1931.4, trendline support drawn from Nov 3 2022. A break of the trendline would reinforce bearish conditions. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $1990.8, the May 12 high.

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