Bear Flag Formation Confirmed

• 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: $1825.4 - High Jun 17
• RES 1: $1795.0/1818.7 - High Jun 23 / High 20-day EMA
• PRICE: $1757.1 @ 14:34 BST Jun 29
• SUP 1: $1750.8 - Intraday low
• SUP 2: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
• SUP 3: $1723.8 - Low Apr 13
• SUP 4: $1700.00 - Round number support

Gold has broken lower and cleared support at $1761.1, Jun 18 low. The break lower confirms a resumption of the downtrend that started Jun 1 and note the move lower has confirmed the bear flag that developed during the most recent consolidation phase. This opens $1733.5, a Fibonacci retracement ahead of $1723.8, Apr 13 low. On the upside, initial resistance has been defined at $1795.00, Jun 23 high.