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Corrective Cycle Still In Play

GOLD TECHS
  • RES 4: $2075.5 - All-Time High Aug 7 2020
  • RES 3: $2070.4 - High Mar 8 and a key resistance
  • RES 2: $2059.2 - High Mar 9 2022
  • RES 1: $2015.1/2048.7 - High Apr 17 / High Apr 13 and bull trigger
  • PRICE: $1983.9 @ 07:14 BST May 2
  • SUP 1: $1969.3 - Low Apr 19
  • SUP 2: $1952.6 - 50-day EMA
  • SUP 3: $1934.3 - Low Mar 22
  • SUP 4: $1900.0 - Round number support

Gold remains in consolidation mode. The broader trend theme remains bullish, however, the yellow metal has recently entered a short-term corrective cycle. Price has pierced support at $1987.8, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1952.6, the 50-day EMA. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.

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