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Bearish Threat Still Present

  • RES 4: $1909.8 - High May 5
  • RES 3: $1889.1 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1878.4 - High Jun 13
  • RES 1: $1865.6 - 50-day EMA
  • PRICE: $1846.7 @ 07:24 BST Jun 17
  • 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 remains vulnerable short-term, despite the latest recovery. The yellow metal has recently failed to remain above the 50-day EMA and this highlights a bearish threat and signals 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 $1889.1.

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