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Challenges The 50-Day EMA

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1899.0 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1874.1 - High May 24
  • RES 1: $1878.4 - 50-day EMA
  • PRICE: $1865.3 @ 07:23 BST Jun 13
  • SUP 1: $1825.3 - Low Jun 10
  • SUP 2: $1807.5/1787.0 - Low May 18 / 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

The short-term outlook in Gold is bullish and attention is on the 50-day EMA, at $1871.7. The yellow metal has tested levels above the average, a clear break is still required to signal scope for a stronger rally towards trendline resistance at $1899.0. The trendline is drawn from the Mar 8 high. Note that recent gains are still considered corrective and the primary trend direction is down. A resumption of bearish activity would refocus attention on $1787.0.

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