Trendline Support Remains Intact - For Now

• RES 4: $2070.4 - High Mar 8 and a bull trigger
• RES 3: $2022.6/2063.0 - High May 12 / 4
• RES 2: $1985.3 - High May 24 and key short-term resistance
• RES 1: $1971.3. 50-day EMA
• PRICE: $1961.7 07:23 BST May 31
• SUP 1: $1932.2/18.3 - Low May 31 / Low Mar 17
• 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 short-term gains are - for now - considered corrective. The yellow metal has pierced $1940.2, trendline support drawn from Nov 3 2022. A clear breach of this trendline would reinforce bearish conditions and pave the way for a move towards $1903.5, a Fibonacci retracement. Initial firm resistance is $1985.3, the May 24 high. A breach of this level is required to signal a short-term reversal.