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Bearish Risk Remains Present

GOLD TECHS
  • RES 4: $2009.2 - High Mar 10
  • RES 3: $1998.4 - High Apr 18 and a bull trigger
  • RES 2: $1958.4 - High Apr 20
  • RES 1: $1909.8/1919.9 - High May 5 / High Apr 29
  • PRICE: $1874.4 @ 07:19 BST May 9
  • 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

Recent gains in Gold are considered corrective and the yellow metal remains vulnerable. Price has recently cleared support at the 50-day EMA and continues to trade below this average. Furthermore, the pullback from $1998.4 (Apr 18 high), continues to highlight a bearish threat. The focus is on $1848.8, a Fibonacci retracement. On the upside, $1909.8, the May 5 high, is seen as the initial resistance.

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