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Trendline Support Remains Intact - For Now

GOLD TECHS
  • 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: $1975.4. 50-day EMA
  • PRICE: $1956.8 @ 08:29 BST Jun 1
  • 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 this week pierced $1942.4, 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. Clearance of this level is required to signal a short-term reversal.

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