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Bearish Cycle Confirmed

GOLD TECHS
  • RES 4: $1927.7 - High Jan 7
  • RES 3: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 2: $1877.7 - High Jun 14
  • RES 1: $1863.3 - High Jun 16
  • PRICE: $1813.6 07:11 BST Jun 17
  • SUP 1: $1803.9 - Low Jun 16
  • SUP 2: $1796.8 - 50% retracement of the MAr 8 - Jun 1 rally
  • SUP 3: $1768.5 - 61.8% retracement of the MAr 8 - Jun 1 rally
  • SUP 4: $1756.2 - Low Apr 29

Gold traded sharply lower yesterday reinforcing the current bearish cycle. The break lower has resulted in a clear breach of the 50-day EMA signalling scope for a deeper pullback towards $1796.8 next, a Fibonacci retracement. On the upside, yesterday's high of $1863.3, Jun 16 high marks initial resistance. A break would ease the current bearish pressure. Key trend resistance has been defined at $1916.6, Jun 1 high.

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