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Support Still Appears Exposed

  • RES 4: $1909.8 - High May 5
  • RES 3: $1878.4 - High Jun 13
  • RES 2: $1866.7 - Trendline resistance drawn from the Mar 8 high
  • RES 1: $1854.3 - 50-day EMA
  • PRICE: $1817.2 @ 07:20 BST Jun 30
  • SUP 1: $1805.2 - Low Jun 14
  • SUP 2: $1787.0 - 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 is marginally lower but remains in consolidation mode. The yellow metal appears vulnerable and support remains exposed. This follows the recent failure to hold above the 50-day EMA and highlights the potential end of the 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 to watch is at $1866.7.

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