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Bearish Theme Despite Yesterday's Bounce

GOLD TECHS
  • RES 4: $1805.7 - High Feb 25
  • RES 3: $1765.8 - 50-day EMA
  • RES 2: $1755.5 - High Mar 18 and key resistance
  • RES 1: $1729.6 - 20-day EMA
  • PRICE: $1712.1 @ 07:14 GMT Apr 1
  • SUP 1: $1678.0 - Low Mar 31
  • SUP 2: $1676.9 - Low Mar 8 and the bear trigger
  • SUP 3: $1671.0 - Low Jun 5, 2020
  • SUP 4: $1659.6 - Low Apr 21, 2020

Gold has found support and bounced off yesterday's low of $1678.0. Despite these gains, the yellow metal maintains a bearish tone following the recent break of $1719.3, Mar 18 low and $1699.3, Mar 12 low. The breach of $1699.3 marked a key intraday development and reinforces a bearish threat signalling scope for a move towards $1676.9, the Mar 8 low and a bear trigger. Key short-term resistance has been defined at $1755.5, Mar 18 high.

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