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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

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Bearish Outlook

GOLD TECHS
  • RES 4: $1998.4 - High Apr 18 and a bull trigger
  • RES 3: $1958.4 - High Apr 20
  • RES 2: $1909.8/1919.9 - High May 5 / High Apr 29
  • RES 1: $1865.4 - High May 10
  • PRICE: $1824.3 @ 07:18 BST May 13
  • SUP 1: $1811.7 - Intraday low
  • SUP 2: $1800.0 - Round number support
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Gold remains vulnerable - Wednesday's move lower confirmed a resumption of the current downtrend. The sell-off resulted in a break of $1848.8, 76.4% of the Jan 28 - Mar 8 rally. This paves the way for a move towards the $1800.0 level next. Sights are also set on $1780.4, the Jan 28 low. On the upside, $1909.8, the May 5 high, is seen as the initial firm resistance. A break would signal a possible short-term reversal.

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  • RES 4: $1998.4 - High Apr 18 and a bull trigger
  • RES 3: $1958.4 - High Apr 20
  • RES 2: $1909.8/1919.9 - High May 5 / High Apr 29
  • RES 1: $1865.4 - High May 10
  • PRICE: $1824.3 @ 07:18 BST May 13
  • SUP 1: $1811.7 - Intraday low
  • SUP 2: $1800.0 - Round number support
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Gold remains vulnerable - Wednesday's move lower confirmed a resumption of the current downtrend. The sell-off resulted in a break of $1848.8, 76.4% of the Jan 28 - Mar 8 rally. This paves the way for a move towards the $1800.0 level next. Sights are also set on $1780.4, the Jan 28 low. On the upside, $1909.8, the May 5 high, is seen as the initial firm resistance. A break would signal a possible short-term reversal.