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Corrective Cycle

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9, 2020
  • RES 3: $1959.4 - High Jan 6 and key resistance
  • RES 2: $1927.7 - High Jan 7
  • RES 1: $1916.6 - High Jun 1 and the bull trigger
  • PRICE: $1884.7 @ 07:20 BST Jun 7
  • SUP 1: $1856.2 - Low Jun 4
  • SUP 2: $1852.3 - Low May 19
  • SUP 3: $1830.6 - 50-day EMA
  • SUP 4: $1808.9 - Low May 13

Gold faced strong selling pressure Thursday. The yellow metal has probed the 20-day EMA at $1868.7. A clear breach of this EMA, would signal scope for a deeper pullback to $1852.3, May 19 low. Recent weakness is allowing an overbought condition to unwind. Note that below $1852.3 lies support highlighted by the 50-day EMA at $1830.6. The 50-day EMA marks a key trend support area. Key resistance has been defined at $1916.6.

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