GOLD TECHS: Medium-Term Bull Cycle Remains In Play

• RES 4: $81.12 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $80.00 - Psychological round number
• RES 2: $77.75 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 1: $69.41/75.98 - 50.0% of the Jun 23-24 range / High Jun 23
• PRICE: $65.76 @ 07:19 BST Jul 28 
• SUP 1: $64.75/62.84 - 50-day EMA / Low Jun 24 
• SUP 2: $58.17 - Low May 30
• SUP 3: $54.66 - Low May 5
• SUP 4: $54.01 - Low Apr 9 and a key support  

A bearish theme in WTI futures remains intact and the shallow recovery since Jun 24 still appears corrective. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower. Support to watch is the 50-day EMA, at $64.77. The average has been pierced, a clear break of it would expose $58.17, the May 30 low. On the upside, initial resistance to watch is $69.41, the 50.0% retracement of the Jun 23 - 24 high-low range.

• Going into the Cash Govie Open, the Dollar was mostly mixed against G10s, the SEK was up a tiny 0.10%, and at the other end of the spectrum, the Kiwi was down just 0.13%.
• Since the Govie open and as Europe comes in, the Dollar is seeing a broader base bid as Desks take in the Overnight Tariff news.
• It's a new high intraday high for the Greenback against the GBP, EUR, CAD, ZAR, TWD, AUD, SEK, NOK, SGD, CZK, and JPY, to put the dollar in the green across G10s, and most Majors, only the KRW is holding on a tiny gain.
• The closest Technical is in the Pound with supports seen at 1.3416/1.3365 Intraday low / Low Jul 16 and a bear trigger for Cable.

• 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: 3340.3 @ 07:25 BST Jul 28 
• SUP 1: $3323.2 - 50-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 

Gold has pulled back from its Jul 23 high. Short-term weakness is considered corrective and a bull cycle that started Jun 30 remains intact. Resistance at $3395.1, the Jun 23 high, has recently 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. An initial firm support to watch is 3282.8, the Jul 9 low.