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Trend Needle Continues To Point South

GOLD TECHS
  • RES 4: $2070.4 - High Mar 8 and a bull trigger
  • RES 3: $2063.0 - High May 4
  • RES 2: $2022.6 - High May 12
  • RES 1: $1946.4/85.3 - 20-day EMA / High May 24 and key resistance
  • PRICE: $1925.4 @ 07:16 BST Jun 27
  • SUP 1: $1910.3 - Low Jun 23
  • SUP 2: $1903.5 - 61.8% retracement of the Feb 28 - May 4 bull cycle
  • SUP 3: $1885.8 - Low Mar 15
  • SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle

The bear cycle in Gold remains intact and the yellow metal traded lower last week. Trendline support has been breached - the line is drawn from the Nov 3 2022 low and the break reinforces a bearish condition. Furthermore, the move lower confirms a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1946.4, the 20-day EMA.

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