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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: $1354.7 - High June 7
*PRICE: $1344.8 @ 07:54 BST Jun 19
*SUP 1: $1338.7 - Low Jun 18
*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 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 $1354.70 and $1358.30 are needed to accelerate
upside momentum, suggesting a test of the major $1375.28 long term resistance. A
break below $1319.94 would suggest a deeper and more prolonged correction.