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(Z2) Heading North


Swiss CPI is up next


What to watch


Bear Threat Still Present


Pushing lower since the cash open.

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Reverses Course

  • RES 4: $1965.6 - High Nov 9, 2020
  • RES 3: $1959.4 - High Jan 6 and key resistance
  • RES 2: $1927.7 - High Jan 7
  • RES 1: $1916.6 - High Jun 1
  • PRICE: $1867.5 @ 14:56 BST Jun 3
  • SUP 1: $1863.9 - Low May 20
  • SUP 2: $1852.3 - Low May 19
  • SUP 3: $1826.4 - 50-day EMA
  • SUP 4: $1808.9 - Low May 13

Gold is under pressure and back below $1900.0. The yellow metal has arrived at the 20-day EMA at $1868.5. A clear breach of the EMA would signal scope for a deeper pullback to $1852.3, May 19 low. Note that below this level lies support highlighted by the 50-day EMA at $1826.4. If the pullback is able to remain at the lows and extend, this price action is finally allowing an overbought condition to unwind. Key resistance is at $1916.6.

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