GOLD TECHS: Capped by 50-dma

• RES 4: 5854.00 High Mar 5 
• RES 3: 5805.43 50-day EMA
• RES 2: 5732.42 20-day EMA
• RES 1: 5621.00 High Mar 20
• PRICE: 5352.00 @ 06:21 GMT Mar 23   
• SUP 1: 5334.72 1.236 proj of the Mar 5 - 9 - 10 price swing  
• SUP 2: 5277.64 1.382 proj of the Mar 5 - 9 - 10 price swing
• SUP 3: 5231.40 1.500 proj of the Mar 5 - 9 - 10 price swing
• SUP 4: 5200 Round number support

A sharp sell-off in EUROSTOXX 50 on Friday confirms a resumption of the bear cycle that started Feb 26. The move down maintains the current bearish price sequence of lower lows and lower highs. Note too that moving average studies are in bear-mode position, highlighting a dominant downtrend. Sights are on 5334.72 next, a Fibonacci projection. Key pivot resistance is seen at 5805.43, the 50-day EMA. Gains would be considered corrective.

• RES 4: 1.3712 High Feb 11     
• RES 3: 1.3662 High Feb 16  
• RES 2: 1.3575 High Feb 26 
• RES 1: 1.3449/67 50-day EMA / High Mar 19 
• PRICE: 1.3291 @ 06:19 GMT Mar 23
• SUP 1: 1.3219 Low Mar 13 and the bear trigger
• SUP 2: 1.3212 76.4% retracement of the Nov 4 ‘25 - Jan 27 bull cycle
• SUP 3: 1.3180 Low Dec 2 ‘25
• SUP 4: 1.3125 Low Nov 26 ‘25

The trend set-up in GBPUSD is bearish, and short-term gains are considered corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A key resistance to monitor is at the 50-day EMA, currently at 1.3449. It has been pierced, a clear break of this EMA would signal a possible reversal. For bears, sights are on 1.3212 next, a Fibonacci retracement.