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Testing The 50-day EMA *RES 4: $1689.3...>

GOLD TECHS
GOLD TECHS: Testing The 50-day EMA
*RES 4: $1689.3 - High Feb 24 and key resistance
*RES 3: $1664.0 - High Feb 25
*RES 2: $1649.5 - High Feb 28
*RES 1: $1611.1 - High Mar 2
*PRICE: $1594.1 @ 06:51 GMT Mar 3
*SUP 1: $1563.1 - Low Feb 28
*SUP 1: $1547.6 - Low Feb 5
*SUP 3: $1536.0 - Low Jan 14
*SUP 4: $1518.0 - High Oct 25
Gold remains vulnerable. Note that the metal has retraced to a key area of
support at $1570.75. This is highlighted by the 50-day EMA, an average used to
assess the direction of a trend. The EMA has a positive slope suggesting the
broader trend remains bullish. Whether the recent corrective pullback is over
will depend on support at $1563.1, Friday's low. Bulls have this reference as a
risk parameter. Bears will be looking for a breach of this support.

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