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Clears Key Support

GOLD TECHS
  • RES 4: $1878.4 - High Jun 13
  • RES 3: $1855.7 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1822.4/45.8 - 20-day EMA / 50-day EMA
  • RES 1: $ 1784.6 - Low Jul 1
  • PRICE: $1766.1 @ 06:31 BST Jul 6
  • SUP 1: $1764.1 - Low Jul 5
  • SUP 2: $1753.7 - Low Dec 15 2021
  • SUP 3: $1721.7 - Low Sep 29 2021
  • SUP 4: $1706.3 - 1.618 proj of the Mar 8 - 29 - Apr 18 price swing

Gold traded sharply lower Tuesday and in the process confirmed a breach of key short-term support and the bear trigger at $1787.00, the May 16 low. The break lower confirms a resumption of the broader downtrend and sets the scene for weakness towards $1753.7, the Dec 15 2021 low. Moving average studies remain in bear mode, reinforcing the current trend direction. Key trendline resistance, drawn from the Mar 8 high, intersects at $1856.7.

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