Correction Extends

• RES 4: $1987.5 - High Jul 20 and a key resistance
• RES 3: $1963.3 - 76.4% retracement of the Jul 20 - Aug 21 bear leg
• RES 2: $1948.3 - 61.8% retracement of the Jul 20 - Aug 21 bear leg
• RES 1: $1938.2 - 50-day EMA
• PRICE: $1936.2 @ 05:49 BST Aug 30
• SUP 1: $1918.5 - 20-day EMA
• SUP 2: $1903.9/1884.9 - Low Aug 25 / 21 and the bear trigger
• SUP 3: $1871.6 - Low Mar 13
• SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull leg

The outlook in Gold remains bearish, however, a short-term correction remains in play and the yellow metal has breached resistance at the 50-day EMA - at $1930.6. This strengthens the short-term bull cycle and signals scope for a stronger recovery. Attention turns to $1948.3, a Fibonacci retracement. On the downside, initial firm support lies at $1903.9, the Aug 25 low. A break of this level would signal a resumption of bearish activity.