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MA Studies Remain In Bear Mode Position

  • RES 4: $2070.4 - High Mar 8 and a bull trigger
  • RES 3: $2063.0 - High May 4
  • RES 2: $2022.6 - High May 12
  • RES 1: $1933.1/85.3 - 20-day EMA / High May 24 and key resistance
  • PRICE: $1922.7 @ 07:24 BST Jul 5
  • SUP 1: $1893.1 - Low Jun 29
  • SUP 2: $1885.8 - Low Mar 15
  • SUP 3: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle
  • SUP 4: $1827.8 - Low Mar 10

Trend conditions in Gold remain bearish and gains are considered corrective. Fresh trend lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. MA studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, Mar 15 low. Key resistance is $1985.3, May 24 high. Initial resistance is $1933.9, the 20-day EMA.

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