GOLD TECHS: Trendline Support Holds For Now
Jun-07 06:16By: Taso Anastasiou
- RES 4: $2070.4 - High Mar 8 and a bull trigger
- RES 3: $2063.0 - High May 4
- RES 2: $2022.6 - High May 12
- RES 1: $1985.3 - High May 24 and key short-term resistance
- PRICE: $1963.1 @ 07:04 BST Jun 6
- SUP 1: $1932.2/18.3 - Low May 31 / Low Mar 17
- SUP 2: $1903.5 - 61.8% retracement of the Feb 28 - May 4 bull cycle
- SUP 3: $1885.8 - Low Mar 15
- SUP 4: $1865.8 - 76.4% retracement of the Feb 28 - May 4 bull cycle
The bear cycle in Gold remains intact and. The yellow metal on Monday once again tested trendline support drawn from Nov 3 2022. The trendline intersects at $1951.3. A clear breach of this line would reinforce bearish conditions and open $1903.5,61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level would signal a short-term reversal.
