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8 Apr 2019
Gold Technical Analysis: Bulls need to get above 1307 and trendline resistance
- Bulls strike gold above 1303, (21-/50-D SMA cross over) and the 1300 psychological level that has the confluence of the 50% reversion target of the late March sell-off.
- Daily stochastics are back above 20 and RSI is neutral, edging higher.
- Bears needed to get below the 1280 level, which is still feasible if price remains below 1307 and the 38.2% Fibo confluence of Feb support and resistances.
- Bears will look for a target of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs) and below where the 200-DMA will come into play, (1250/50% Fibo area).
- Bulls will look for a break of 1307 and trendline resistance to attract fresh bids in pursuit of Feb highs and 1350.
