Remains Soft

• RES 4: $2022.9 - 76.4% retracement of the May 4 - Jun 29 bear leg
• RES 3: $1998.1 - 61.8% retracement of the May 4 - Jun 29 bear leg
• RES 2: $1972.4/1987.5 - High Jul 31 / High Jul 20 and the bull trigger
• RES 1: $1934.5/43.2 - 20- and 50-day EMA values
• PRICE: $1905.4 @ 07:17 BST Aug 15
• SUP 1: $1902.7 - Low Jul 6
• SUP 2: $1893.1 - Jun 29 and the bear trigger
• SUP 3: $1885.8 - Low Mar 15
• SUP 4: $1871.6 - Low Mar 13

Gold remains bearish and the yellow metal traded lower yesterday, maintaining the bear cycle that started Jul 20. Sights are on key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. On the upside, initial firm resistance to watch is $1943.2, the 50-day EMA. A break of this level would highlight a possible short-term reversal.