7 Jun 2019
Gold technical analysis: Next leg higher opens 1,357.66 / 2014-2019 resistance line
- The 78.6% retracement level of the April swing lows to recent swing high's range has held as support.
- Bulls took the price up for an additional test of the prior day's high.
- Bulls failed to score through the February high at 1347.11.
- We have a major level at 1,357.66 as being the is the 2014-2019 resistance line. 1392.55 was the 2014 high.
- So long as the 20 4 HR EMA holds, just below the 78.6%, bulls will likely commit and an extension to the 127.20% Fibo at 1364 could be on the cards.
- 1357.66, as being the is the 2014-2019 resistance line, could, however, prove to be a barrier.
- Should the resistance give out, eyes will be focussed on 1392.55 as the 2014 high.
- On the downside, below 1306 is a key support level, followed by1297 as the next a line in the sand being the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high.
- The 55-week ma sits at around 1260.24 and the 200-week ma comes in at 1249.24.
