Bear Cycle Remains In Play

• RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
• RES 3: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
• RES 2: $1972.4/1987.5 - High Jul 31 / High Jul 20 and the bull trigger
• RES 1: $1947.2 - 50-day EMA
• PRICE: $1917.0 @ 07:15 BST Aug 10
• SUP 1: $1914.1 - Low Aug 9
• SUP 2: $1902.8 - Low Jul 6
• SUP 3: $1893.1 - Jun 29 and the bear trigger
• SUP 4: $1885.8 - Low Mar 15

Gold remains bearish and the yellow metal traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. The move lower signals potential for weakness towards the key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. Initial firm resistance to watch is $1947.2, the 50-day EMA.