Bearish Threat Still Present

• RES 4: $2059.2 - High Mar 9
• RES 3: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
• RES 2: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
• RES 1: $1998.4 - High Apr 18 and the bull trigger
• PRICE: $1952.4 @ 07:20 BST Apr 21
• SUP 1: $1926.5/1915.5 - 50-day EMA / Low Apr 6
• SUP 2: $1890.2 - Low Mar 29 and a bear trigger
• SUP 3: $1878.4 - Low Feb 24
• SUP 4: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally

Gold has this week failed to hold onto recent highs. The pullback from $1998.4, the Apr 18 high, has resulted in a move below the 20-day EMA and has exposed the 50-day EMA at $1926.5. A break of this average would suggest scope for a deeper pullback and open $1915.5, Apr 6 low and the key support at $1890.2, the Mar 29 low. Clearance of $1998.4 would reinstate a bullish theme.