GOLD TECHS: Bearish Outlook

• 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: $1945.1 - 50-day EMA
• PRICE: $1920.8 @ 07:16 BST Jul 10
• SUP 1: $1893.1 - Low Jun 29
• SUP 2: $1885.8 - Low Mar 15
• SUP 3: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle
• SUP 4: $1827.8 - Low Mar 10

Gold is consolidating. The trend condition is unchanged and remains bearish. Recent fresh lows reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. Moving average studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1945.1, the 50-day EMA.