Retraced 50% of the Pullback *RES 4:.....>

GOLD TECHS: Retraced 50% of the Pullback

*RES 4: $1375.3 - High July 11, 2016

*RES 3: $1365.2 - High April 11, 2018/Downtrend resistance from the 2016 highs

*RES 2: $1358.3 - High June 14

*RES 1: $1348.3 - High June 7

*PRICE: $1345.4 @ 08:24 BST Jun 18

*SUP 1: $1338.7 - Intraday low

*SUP 2: $1332.4 - Low Jun 13

*SUP 3: $1319.9 - Low June 11

*SUP 4: $1303.4 - High May 14

After spiking to new highs at the end of the last week, gold has now retraced

around 50% of the subsequent pullback. In spite of the pullback, the RSI

continues to point that we are slightly in overbought territory but the overall

picture remains bullish. Gains above $1354.10 are needed to accelerate upside

momentum, suggesting a test of the major $1375.28 long term resistance. A break

below $1319.94 would suggest deeper and more prolonged corrective activity.