* RES 4: 149.28 High Apr 3 * RES 3: 148.65 High May 12 and a reversal trigger * RES 2: 148.03 High J...
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A bullish theme in Gold remains intact and the latest pullback is considered corrective. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3240.0, the 50-day EMA.
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Brent futures traded higher on Friday, resulting in a clear break of resistance at $65.33, the 50-day EMA. A continuation higher would open $67.73 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $62.09, the May 30 low. A break would be bearish.