Corrective Bear Cycle

• RES 4: $2500.0 - Round number resistance
• RES 3: $2481.5 - 1.764 proj of the Oct 6 - 27 - Nov 13 price swing
• RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
• RES 1: $2352.6/2431.5 - High Apr 26 / 12 and the bull trigger
• PRICE: $2316.7 @ 07:14 BST May 9
• SUP 1: $2277.4 - Low May 3
• SUP 2: $2255.0 - 50-day EMA
• SUP 3: $2187.4 - Low Mar 28
• SUP 4: $2146.2 - Low Mar 18 and key short-term support

Gold is unchanged and remains in consolidation mode. A bearish short-term condition is intact. The precious metal has recently traded through the 20-day EMA and this highlights a corrective cycle. A continuation lower would signal scope for an extension towards $2255.0, the 50-day EMA. Note that a short-term bear cycle has allowed a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.