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Corrective Cycle Remains In Play

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1883.3 - 50-day EMA
  • RES 1: $1869.7 - High May 24
  • PRICE: $1844.7 @ 07:11 BST May 26
  • SUP 1: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold maintains a firmer short-term tone and is trading closer to its recent highs, despite the latest minor pullback. The yellow metal has this week traded above resistance at $1859.1, the 20-day EMA. This suggests potential for a test of the 50-day EMA at $1883.3. Gains are still considered corrective though and the primary trend direction is down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16).

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