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Stalls Above The 50-Day EMA

GOLD TECHS
  • RES 4: $1909.8 - High May 5
  • RES 3: $1896.5 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1878.4 - High Jun 13
  • RES 1: $1851.8 - 20-day EMA
  • PRICE: $1825.3 @ 05:47 BST Jun 14
  • SUP 1: $1810.7 - Intraday low
  • SUP 2: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Gold faced resistance Monday and closed at the day low. The yellow metal has failed to remain above the 50-day EMA and this signals a bearish development and highlights the potential end of the recent correction between May 16 - Jun 13. An extension lower would open the key support and bear trigger at $1787.0, May 16 low. A break would resume the downtrend. Key trendline resistance is at $1896.5.

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