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Trend Needle Still Points South

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1867.9 - 20-day EMA
  • RES 1: $1858.8 - High May 12
  • PRICE: $1811.8 @ 07:18 BST May 18
  • SUP 1: $1787.0 - Low May 16
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold remains vulnerable despite Monday’s recovery. The yellow metal has this week traded through the $1800.0 handle. The break opens the next key support at $1784.4, the Jan 28 low. Last week’s breach of $1848.8, 76.4% of the Jan 28 - Mar 8 rally, confirmed a resumption of the downtrend. Initial resistance has been defined at $1858.8, the May 12 high ahead of the 20-day EMA at $1867.9.

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  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1867.9 - 20-day EMA
  • RES 1: $1858.8 - High May 12
  • PRICE: $1811.8 @ 07:18 BST May 18
  • SUP 1: $1787.0 - Low May 16
  • SUP 2: $1780.4 - Low Jan 28 and a key support
  • SUP 3: $1753.7 - Low Dec 15 2021
  • SUP 4: $1749.3 - 1.236 proj of the Mar 8 - 29 - Apr 18 price swing

Gold remains vulnerable despite Monday’s recovery. The yellow metal has this week traded through the $1800.0 handle. The break opens the next key support at $1784.4, the Jan 28 low. Last week’s breach of $1848.8, 76.4% of the Jan 28 - Mar 8 rally, confirmed a resumption of the downtrend. Initial resistance has been defined at $1858.8, the May 12 high ahead of the 20-day EMA at $1867.9.