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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: $2022.6/2063.0 - High May 12 / 4 and key resistance
  • PRICE: $1977.1 07:13 BST May 18
  • SUP 1: $1975.1 - Low May 18
  • 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 remains in a bearish cycle and is trading at its recent lows. Support to watch is $1977.0, 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. The medium-term trend condition remains bullish - moving average studies are in a bull-mode set-up and this highlights an uptrend. Key resistance and the bull trigger is at $2063.0, the May 4 high.

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