GOLD TECHS: Approaching Trendline Support

• RES 4: $2075.5 - All-Time High Aug 7 2020
• RES 3: $2070.4 - High Mar 8 and a key resistance
• RES 2: $2022.6/2063.0 - High May 12 / 4 and key resistance
• RES 1: $1986.1 20-day EMA
• PRICE: $1947.9 05:59 BST May 26
• SUP 1: $1933.6 - Trendline support drawn from the Nov 3 2022
• 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 as the yellow metal extends the downtrend that started on Apr 26. This week’s break lower paves the way for a move towards $1933.6, trendline support drawn from Nov 3 2022. A clear break of the trendline would reinforce bearish conditions and open $1903.5, a Fibonacci retracement. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $1985.3, the May 24 high.