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Directional Triggers Defined

GOLD TECHS
  • RES 4: $1965.6 - High Nov 9, 2020
  • RES 3: $1959.4 - High Jan 6 and key resistance
  • RES 2: $1927.7 - High Jan 7
  • RES 1: $1916.6 - High Jun 1 and the bull trigger
  • PRICE: $1900.32 @ 07:20 BST Jun 11
  • SUP 1: $1856.2 - Low Jun 4
  • SUP 2: $1852.3 - Low May 19
  • SUP 3: $1840.1- 50-day EMA
  • SUP 4: $1808.9 - Low May 13

Gold found support at yesterday's low. Recent price has defined two key short-term directional triggers. These are; $1916.6, the Jun 1 high and bull trigger and $1856.2, Jun 4 low. A break of the latter would reinforce recent bearish concerns following the strong selling pressure on Jun 3. A break would open the 50-day EMA at $1840.1, also seen as a key support area. For bulls, clearance of $1916.6 would resume the uptrend instead.

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