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Watching The 50-Day EMA

GOLD TECHS
  • RES 4: $1919.9 - High Apr 29 and key resistance
  • RES 3: $1909.8 - High May 5
  • RES 2: $1874.1 - High May 24
  • RES 1: $1873.4 - 50-day EMA
  • PRICE: $1850.0 @ 07:12 BST Jun 8
  • SUP 1: $1828.6 - Low Jun 1
  • SUP 2: $1807.5/1787.0 - Low May 18 / Low May 16 and bear trigger
  • SUP 3: $1780.4 - Low Jan 28 and a key support
  • SUP 4: $1753.7 - Low Dec 15 2021

Despite the latest pullback, the short-term outlook in Gold is bullish and attention is on the 50-day EMA, at $1873.4. A break of this EMA is required to signal scope for a stronger short-term upleg. Note that recent gains are still considered corrective and the primary trend direction is down. A resumption of bearish activity would refocus attention on the May 16, $1787.0 low. This is the bear trigger, a break would resume the downtrend that started Mar 8.

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