GOLD TECHS: Corrective Pullback

• 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.

• 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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