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Free AccessBearish Risk Still Present *RES 4:.......>
GOLD TECHS: Bearish Risk Still Present
*RES 4: $1754.0 - High May 20
*RES 3: $1745.4 - High Jun 2
*RES 2: $1732.3 - High Jun 3
*RES 1: $1721.5 - High Jun 4 and key intraday resistance
*PRICE: $1698.7 @ 06:48 BST Jun 9
*SUP 1: $1671.0 - Low May 1
*SUP 2: $1659.6 - Low Apr 21 and key support
*SUP 3: $1640.9 - Low Apr 8
*SUP 4: $1608.5 - 50.0% retracement of the Mar 16 - May 18 rally
Gold traded lower last week and Friday cleared key support at $1694.3, May 27
low. This break threatens the recent bullish theme and suggests the risk for a
deeper pullback has increased. A continued move lower would open $1659.6, Apr 21
low. Clearance of this support would signal a more significant reversal. On the
upside, initial firm resistance is seen at $1721.5, Jun 4 high where a break is
needed to ease the current bearish risk.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.