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Clears Key Support

GOLD TECHS
  • RES 4: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
  • RES 3: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
  • RES 2: $1998.4 - High Apr 18 and a bull trigger
  • RES 1: $1941.3 - 20-day EMA
  • PRICE: $1875.1 @ 07:22 BST Apr 28
  • SUP 1: $1872.2 - Intraday low
  • SUP 2: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally
  • SUP 3: $1821.1 - Low Feb 11
  • SUP 4: $1780.4 - Low Jan 28

Gold is trading lower and remains vulnerable. The yellow metal has recently cleared support at the 50-day EMA. Furthermore, the pullback from last week’s high of $1998.4 (Apr 18), continues to highlight a bearish threat. This has been reinforced by the break yesterday of support at $1890.2, the Mar 29 low. Thi opens $1848.8, a Fibonacci retracement. On the upside, $1936.1, the 20-day EMA is seen as a firm short-term resistance.

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