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Trading Below The 50-Day EMA

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1874.3 - 50-day EMA
  • RES 1: $1874.1 - High May 24
  • PRICE: $1840.4 @ 07:25 BST Jun 7
  • SUP 1: $1828.6 - Low Jun 1
  • 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

Despite the latest pullback, recent gains in Gold suggest potential for a test of the 50-day EMA at $1874.3 where a break is required to signal scope for a stronger short-term upleg. Recent gains are still considered corrective though and the primary trend direction is down. A resumption of bearish activity would refocus attention on the May 16, $1787.0 low. This is the bear trigger where a break would resume the downtrend that started Mar 8.

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