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Bearish, Despite Recent Gains

GOLD TECHS
  • RES 4: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
  • RES 3: $1998.4 - High Apr 18 and a bull trigger
  • RES 2: $1958.4 - High Apr 20
  • RES 1: $1913.9 - 20-day EMA
  • PRICE: $1901.2 @ 07:17 BST May 5
  • SUP 1: $1850.5 - Low May 3
  • SUP 2: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 3: $1821.1 - Low Feb 11
  • SUP 4: $1780.4 - Low Jan 28

Gold gains are considered corrective and the yellow metal remains vulnerable. Price has recently cleared support at the 50-day EMA. Furthermore, the pullback from $1998.4 (Apr 18 high), continues to highlight a bearish threat. This was reinforced last week by the break of $1890.2, Mar 29 low. The move lower Tuesday opens $1848.8, a Fibonacci retracement. On the upside, $1913.9, the 20-day EMA is seen as a firm short-term resistance.

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