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Bearish Threat Still Present

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1894.0 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1878.4 - High Jun 13
  • RES 1: $1847.7 - 20-day EMA
  • PRICE: $1819.0 @ 07:17 BST Jun 15
  • SUP 1: $1805.2 - Low Jun 14
  • SUP 2: $1787.0 - Low May 16 and bear trigger
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Gold faced resistance Monday and again yesterday. The yellow metal has failed to remain above the 50-day EMA and this signals a bearish development and the potential end of the recent correction between May 16 - Jun 13. An extension lower would open the key support and bear trigger at $1787.0, May 16 low. A break would resume the downtrend. Key trendline resistance is at $1894.0.

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