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Bearish Theme Still In Play

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a bull trigger
  • RES 3: $2063.0 - High May 4
  • RES 2: $2022.6 - High May 12
  • RES 1: $1985.3 - High May 24 and key short-term resistance
  • PRICE: $1950.9 @ 07:18 BST Jun 20
  • SUP 1: $1925.1 - Low Jun 15
  • SUP 2: $1903.5 - 61.8% retracement of the Feb 28 - May 4 bull cycle
  • SUP 3: $1885.8 - Low Mar 15
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle

The bear cycle in Gold remains intact. The yellow metal breached trendline support last week, drawn from the Nov 3 2022 low. The trendline intersects at $1971.2. The break of this line reinforces a bearish condition and marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this resistance would signal a short-term reversal instead.

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