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Key Support Remains Exposed

  • RES 4: $1909.8 - High May 5
  • RES 3: $1878.4 - High Jun 13
  • RES 2: $1861.7 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1830.5/50.8 - 20-day EMA / 50-day EMA
  • PRICE: $1812.5 @ 07:21 BST Jul 4
  • SUP 1: $1784.6 - Low Jul 1
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1721.7 - Low Sep 29 2021

Gold weakened Friday but did recover from the session low. Last week’s move lower reinforces bearish conditions and attention is on the key support and bear trigger at $1787.00, May 16 low. This was breached, briefly, on Friday. A clear break would confirm a resumption of the downtrend. On the upside, key trendline resistance intersects at $1861.7. The trendline is drawn from the Mar 8 high and a break is required to reverse the S/T direction.

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