Support Around The 50-Day EMA Remains Exposed

• RES 4: $2575.4 - 3.236 proj of the Oct 6 - 27 - Nov 13 price swing
• RES 3: $2528.4 - 3.00 proj of the Oct 6 - 27 - Nov 13 price swing
• RES 2: $2500.0 - Round number resistance
• RES 1: $2432.0/2483.8 - High Jul 24 / 17 and the bull trigger
• PRICE: $2389.3 @ 07:18 BST Jul 30
• SUP 1: $2353.2 - Low Jul 25
• SUP 2: $2286.9 - Low Jun 7
• SUP 3: $2277.4 - Low May 3 and a pivot support
• SUP 4: $2228.6 - Low Apr 1

The latest move down in Gold is considered corrective, however, the yellow metal has pierced support at the 50-day EMA - at $2362.0. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, a reversal higher would refocus attention on $2483.7, the Jul 17 high, and a bull trigger. Clearance of this hurdle would resume the primary uptrend.