Bear Threat Still Present

• RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
• RES 3: $2004.2 - 2.0% 10-dma envelope
• RES 2: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
• RES 1: $1987.5 - High Jul 20 and the bull trigger
• PRICE: $1956.4 @ 07:21 BST Aug 1
• SUP 1: $1942.7 - Low Jul 27
• SUP 2: $1924.5 - Low Jul 11
• SUP 3: $1902.8/1893.1 - Low Jul 6 / Jun 29 and the bear trigger
• SUP 4: $1885.8 - Low Mar 15

Gold traded sharply lower last Thursday and a bearish threat remains present. The move down resulted in a break of the 50-day EMA - at $1952.0. A continuation lower would further threaten the recent bullish theme and expose support at $1924.5, the Jul 11 low. Clearance of this level would open key support at $1893.1, the Jun 29 low. Key resistance has been defined at $1987.5, Jul 20 high. A break of this hurdle would reinstate a bullish theme.