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Bearish Threat Still Present

GOLD TECHS
  • RES 4: $1903.8/16.6 - High Jun 8 / High Jun 1 and the bull trigger
  • RES 3: $1877.7 - High Jun 14
  • RES 2: $1860.4 - 20-day EMA
  • RES 1: $1825.4 - High Jun 17
  • PRICE: $1785.6 07:23 BST Jun 18
  • SUP 1: $1767.3 - Low Jun 17
  • SUP 2: $1756.2 - Low Apr 29
  • SUP 3: $1733.5 -76.4% retracement of the MAr 8 - Jun 1 rally
  • SUP 4: $1723.8 - Low Apr 13

Gold traded sharply lower again yesterday further reinforcing the current bearish cycle. The break lower this week has resulted in a clear breach of the 50-day EMA signalling scope for a deeper pullback. Attention is on $1756.2, Apr 29 low and $1733.5, a Fibonacci retracement. On the upside, initial resistance is seen at yesterday's high of $1825.4, Jun 17 high ahead of the 20-day EMA at $1860.4.

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