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Bear Threat Remains Present

GOLD TECHS
  • RES 4: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 3: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
  • RES 2: $2450.1 - High May 20 and the bull trigger
  • RES 1: $2335.4/2387.8 - 20-day EMA / High Jun 7
  • PRICE: $2311.5 @ 07:55 BST Jun 14
  • SUP 1: $2286.9 - Low Jun 7
  • SUP 2: $2277.4 - Low May 3 and a pivot support
  • SUP 3: $2187.4 - Low Mar 28
  • SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold is trading closer to its recent lows. A sharp sell-off on Jun 7 reinforces a short-term bearish theme. The yellow metal has traded below the 50-day EMA, at 2313.7. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial firm resistance to watch is $2387.8, the Jun 7 high.

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