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Corrective Pullback Extends

GOLD TECHS
  • RES 4: $2100.0 - Round number resistance
  • RES 3: $2075.5 - All-Time High Aug 7 2020
  • RES 2: $2070.4 - High Mar 8 and a key resistance
  • RES 1: $2022.2/2063.0 - High May 15 / 4 and key resistance
  • PRICE: $1988.1 07:19 BST May 17
  • SUP 1: $1976.8 - 50-day EMA
  • SUP 2: $1969.3 - Low Apr 19 and key support
  • SUP 3: $1934.3 - Low Mar 22
  • SUP 4: $1900.0 - Round number support

Gold trend conditions are bullish, however, the yellow metal remains in bearish cycle and the recent move lower is considered corrective. Moving average studies are in a bull-mode set-up and this highlights an uptrend. Support to watch is $1976.8, the 50-day EMA and $1969.3, the Apr 19 low. A clear break of this support zone is required to highlight a stronger bearish threat. Key resistance and the bull trigger is at $2063.0, the May 4 high.

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