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Still Testing The 50-Day EMA

GOLD TECHS
  • RES 4: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 3: $1833.7 - 50.0% retracement of the Jun 1 - 29 decline
  • RES 2: $1825.4 - High Jun 17
  • RES 1: $1813.6/18.5 - 50-day EMA / High Jul 8
  • PRICE: $1809.6 @ 07:15 BST Jul 13
  • SUP 1: $1774.4/1750.8 - Low Jul 2 / Low Jun 29
  • SUP 2: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 3: $1723.8 - Low Apr 13
  • SUP 4: $1700.00 - Round number support

Gold is unchanged and consolidating. The yellow metal maintains a firmer short-term tone though following the recent recovery from $1750.8, Jun 29 low. Attention is on the 50-day EMA at $1813.6 today. The EMA represents a key resistance area and a clear break would suggest scope for stronger gains. This would open $1833.7, a Fibonacci retracement. A failure at the 50-day EMA would be bearish and suggest scope for a return to $1750.8.

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