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: $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.