GOLD TECHS: Approaching Resistance

• RES 4: $2063.0 - High May 4
• RES 3: $2022.6 - High May 12
• RES 2: $1985.3 - High May 24 and key resistance
• RES 1: $1968.0 - High Jun 16
• PRICE: $1952.2 @ 08:30 BST Jul 17
• SUP 1: $1934.4 - 20-day EMA
• SUP 2: $1902.8/1893.1 - Low Jul 6 / Jun 29 and the bear trigger
• SUP 3: $1885.8 - Low Mar 15
• SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle

Gold is holding on to its latest gains. The yellow metal has breached resistance at the 50-day EMA. The average intersects at $1945.0 and the break signals scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key resistance has been defined at $1985.3, the May 24 high where a break would highlight a stronger reversal. Key support and the bear is at $1893.1, the Jun 29 low.