21:04 UTC
Downtrend, momentum heavy · RSI 38 · price 4,155.54
Lower highs and lower lows since late February.
Gold has been in a sustained downtrend since the late-February top near 5419, dropping roughly 1300 dollars with price trading well below a falling EMo(50). The decline accelerated after the hawkish Warsh-led FOMC and a USD surge to YTD highs, flushing to a 4023 june low before a corrective bounce stalled at the 4382 lower high. The last three sessions resumed selling back toward the 4067 swing low, keeping the weekly cadence pointed lower.
Support: 4,067.00, 4,023.00
Resistance: 4,290.00, 4,382.00
What it said to watch
- A daily close below 4023 june low opens a deeper flush
- Reclaiming above the 4290 psych cluster would be the first dent in the lower-high chain
- S&P Global PMIs (Tue) could materially shift this read via the USD