April 26, 2024 06:23 GMT
Short-Term Bear Threat Still Present
GOLD TECHS
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- RES 4: $2500.0 - Round number resistance
- RES 3: $2481.5 - 1.764 proj of the Oct 6 - 27 - Nov 13 price swing
- RES 2: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
- RES 1: $2431.5 High Apr 12 and the bull trigger
- PRICE: $2339.6 @ 07:22 BST Apr 26
- SUP 1: $2291.6 - Low Apr 23
- SUP 2: $2229.4 - 50-day EMA
- SUP 3: $2146.2 - Low Mar 18 and key short-term support
- SUP 4: $2088.5 - High Dec 28
Gold is in consolidation mode and trading closer to its recent lows. The precious metal has this week pierced the 20-day EMA and this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2229.4, the 50-day EMA. Note that a S/T bear cycle would allow a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.
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