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COMMODITIES

Gold Inching Toward Bull Trigger

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  • RES 4: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 3: $1877.7 - High Jun 14
  • RES 2: $1832.8 - 20-day EMA
  • RES 1: $1825.4 - High Jun 17
  • PRICE: $1777.4 07:26 BST Jun 24
  • SUP 1: $1761.1 - Low Jun 18
  • SUP 2: $1756.2 - Low Apr 29
  • SUP 3: $1733.5 -76.4% retracement of the MAr 8 - Jun 1 rally
  • SUP 4: $1723.8 - Low Apr 13

Gold is consolidating and this has taken on the appearance of a bear flag, reinforcing bearish conditions. The yellow metal traded sharply lower last week confirming a bearish cycle. The move lower resulted in a breach of the 50-day EMA and the subsequent follow through signals scope for a deeper pullback. Attention is on $1756.2, Apr 29 low and $1733.5, a Fibonacci retracement. On the upside, initial resistance is seen at $1825.4, Jun 17 high.