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Short-Term Top Defined

GOLD TECHS
  • 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: $1871.3 @ 07:16 BST Jun 4
  • SUP 1: $1856.2 - Intraday low
  • SUP 2: $1852.3 - Low May 19
  • SUP 3: $1828.1 - 50-day EMA
  • SUP 4: $1808.9 - Low May 13

Gold faced strong selling pressure Thursday. The yellow metal has probed the 20-day EMA at $1868.7. 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 $1828.1. 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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