GOLD TECHS: Support Remains Intact

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3500.1 - High Apr 22 and bull trigger
• RES 1: $3451.3 - Intraday high          
• PRICE: $3416.9 @ 07:25 BST Jun 16 
• SUP 1: $3335.5/3262.2 - 20- and 50-day EMA
• SUP 2: $3204.7 - Low May 20 
• SUP 3: $3121.0 - Low May 15 and key support 
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and this week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3262.2, the 50-day EMA.

• RES 4: $83.46 - 2.764 proj of the Apr 9 - 23 - May price swing
• RES 3: $82.13 - 2.618 proj of the Apr 9 - 23 - May price swing 
• RES 2: $80.00 - Psychological round number 
• RES 1: $78.50 - High Jun 13   
• PRICE: $74.59 @ 07:11 BST Jun 16
• SUP 1: $70.41 - Low Jun 13 
• SUP 2: $66.10 - 50-day EMA
• SUP 3: $62.09 - Low May 30
• SUP 4: $57.78 - Low Apr 9 and a key support   

A bull cycle in Brent futures remains in play and last week’s impulsive rally reinforces bullish conditions. Price action is likely to remain volatile and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle next. A firm short-term support is seen at $70.41, the Jun 13 low. A break of this level would signal scope for a deeper retracement.

• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 121.73 High Jun 13
• PRICE: 120.78 @ Close Jun 13 
• SUP 1: 120.48 20-day EMA      
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The trend condition in BTP futures is unchanged, it remains bullish and fresh cycle highs last week reinforce current conditions. The move down on Friday is - for now - considered corrective. Last week’s gains maintain the price sequence of higher highs and higher lows. Sights are on the 122.00 handle next. Key support to watch lies at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 120.48 the 20-day EMA.