GOLD TECHS: Trading Above Support

• 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 - High Jun 16          
• PRICE: $3388.1 @ 07:29 BST Jun 17 
• SUP 1: $3340.2/3267.0 - 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 last 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 $3267.0, 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: $73.48 @ 07:16 BST Jun 17
• SUP 1: $70.41 - Low Jun 13 
• SUP 2: $66.38 - 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 near-term 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: 169.91 1.236 proj of the Feb 28 - Mar 18 - Apr 7 price swing  
• RES 3: 168.58 2.0% 10-dma envelope
• RES 2: 168.01 High Jul 26 ‘24
• RES 1: 167.59 High Jun 16 
• PRICE: 167.40 @ 07:21 BST Jun 17 
• SUP 1: 165.91/164.69 Low Jun 16 / 20-day EMA
• SUP 2: 163.48 50-day EMA 
• SUP 3: 162.80/161.78 Low Jun 3 / Low May 26 
• SUP 4: 161.09 Low May 23 and key support   

The trend set-up in EURJPY remains bullish and Monday's strong start to the week reinforces current conditions. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. 167.47, 61.8% of the Jul 11 - Aug 5 ‘24 bear leg, has been pierced. This signals scope for a climb towards 168.01 next, the Jul 26 ‘24 high. Initial support to watch lies at 164.69, the 20-day EMA.