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Trend Condition Remains Bearish

  • RES 4: $2063.0 - High May 4
  • RES 3: $2022.6 - High May 12
  • RES 2: 1985.3 - High May 24 and key resistance
  • RES 1: $1931.4/1947.4 - 20- and 50-day EMA
  • PRICE: $1919.9 @ 07:18 BST Jul 6
  • SUP 1: $1893.1 - Low Jun 29
  • SUP 2: $1885.8 - Low Mar 15
  • SUP 3: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle
  • SUP 4: $1827.8 - Low Mar 10

The trend condition in Gold is bearish and recent gains appear to be a correction. Fresh lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. MA studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1931.4, the 20-day EMA.

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