9 Apr 2019
Gold Technical Analysis: Bulls in control towards trend line resistance
- Bulls are making tracks above the 1300 psychological level that has the confluence of the 50% reversion target of the late March sell-off and target the descending resistance line.
- On the flipside, where overbought readings could prove a weight on the precious metal's northerly trajectory, a break below 1301, the 21-D SMA and then a subsequent run to 1280
- will open prospects for a run the downside target of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs).
- Below there, the 200-DMA will come into play, (1250/50% Fibo area).
- Bulls need a break of 1307 and trendline resistance to attract fresh bids in pursuit of Feb highs and 1350.
