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Holding Onto Recent Gains

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1885.3 - 50-day EMA
  • RES 1: $1865.5 - High May 23
  • PRICE: $1851.7 @ 07:14 BST May 24
  • SUP 1: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold started the week on a firmer note and is trading closer to its recent highs. The yellow metal has traded above resistance at $1859.0, the 20-day EMA. This suggests potential for a strong short-term correction and has opened the 50-day EMA at $1885.3. The move higher is still considered corrective though and the trend direction remains down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16).

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