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Probes The 20-Day EMA

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1886.6 - 50-day EMA
  • RES 1: $1863.2 - Intraday high
  • PRICE: $1861.6 @ 09:58 BST May 23
  • 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 is starting the week on a firmer note and is trading higher. The yellow metal has traded above resistance at $1859.6, the 20-day EMA. This suggests potential for a strong short-term correction and has opened the 50-day EMA at $1886.6. The move higher is still considered corrective 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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