GOLD TECHS: Corrective Pullback
- RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 3: $3500.1 - High Apr 22 and bull trigger
- RES 2: $3451.3 - High Jun 16
- RES 1: $3439.0 - High Jul 23
- PRICE: 3375.4 @ 07:27 BST Jul 24
- SUP 1: $3354.3 - 20-day EMA
- SUP 2: $3282.8/3248.7 - Low Jul 9 / Low Jun 30 and the bear trigger
- SUP 3: $3204.7 - Low May 20
- SUP 4: $3121.0 - Low May 15 and key support
A bull cycle in Gold that started Jun 30 remains intact, and the latest pullback is - for now - considered corrective. Resistance at $3395.1, the Jun 23 high, has been cleared. A continuation higher would open $3451.3, the Jun 16 high. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. The bear trigger is $3248.7, the Jun 30 low. An initial firm support to watch is 3282.8, the Jul 9 low.
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EUROSTOXX50 TECHS: (U5) Potential Reversal
- RES 4: 5486.00 High May 20 and a key bull trigger
- RES 3: 5456.00 High Jun 11
- RES 2: 5403.00 High Jun 12
- RES 1: 5364.00 High Jun 16
- PRICE: 5338.00 @ 07:10 BST Jun 24
- SUP 1: 5194.00 Lo Jun 23 and a bear trigger
- SUP 2: 5182.00 Low May 2
- SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
- SUP 4: 5078.00 Low Apr 30
A short-term bear cycle in Eurostoxx 50 futures remains intact, however, the recovery from Monday’s low appears to be a potential reversal. The contract has traded above the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme and signal scope for a stronger recovery. This would open 5486.00, the May 20 high and bull trigger. On the downside, a break of yesterday’s 5194.00 low would reinstate a bearish theme.
USDJPY TECHS: Shooting Star Reversal
- RES 4: 150.49 High Apr 2
- RES 3: 149.28 High Apr 3
- RES 2: 148.65 High May 12 and a reversal trigger
- RES 1: 146.19/148.03 Intraday high / High Jun 23
- PRICE: 145.19 @ 07:20 BST Jun 24
- SUP 1: 144.80 20-day EMA
- SUP 2: 144.34 Low Jun 18
- SUP 3: 142.80 Low Jun 13
- SUP 4: 142.12 Low May 27 and a key short-term support
USDJPY has reversed lower from Monday’s high. This undermines a recent bullish theme and yesterday’s price pattern appears to be a shooting star candle formation. If correct, it signals a reversal of the recent bull cycle. Support to watch lies at 144.80, the 20-day EMA. A clear break of this level would strengthen a bearish threat. On the upside, a move above Monday’s high of 148.03 would reinstate a bullish theme.
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