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Corrective Cycle Still In Play

GOLD TECHS
  • RES 4: $2063.0 - High May 4
  • RES 3: $2022.6 - High May 12
  • RES 2: $1985.3 - High May 24 and key resistance
  • RES 1: $1943.9 - 50-day EMA
  • PRICE: $1938.1 @ 07:21 BST Jul 12
  • SUP 1: $1902.8/1893.1 - Low Jul 6 / Jun 29
  • SUP 2: $1885.8 - Low Mar 15
  • SUP 3: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle
  • SUP 4: $1827.8 - Low Mar 10

Gold has traded higher again today. The latest climb is considered corrective and the trend condition is unchanged and remains bearish. Recent fresh lows confirmed a resumption of the downtrend, extending the price sequence of lower lows and lower highs. Moving average studies are in a bear mode position highlighting current medium-term sentiment. Key resistance is $1985.3, the May 24 high. Initial resistance is $1943.9, the 50-day EMA.

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