11 Jun 2019
Gold technical analysis: Rejected at fresh long-term resistance
- Technically, gold shied away from the recently posted fresh long term decending resistance highs.
- Bears look to 1325, 1311 and 1303/06 to open 1297 as a is likely to be a line in the sand.
- 1297 is 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 1260s and the 200-week ma comes in at 1250s.
- On the upside, 1357.66 is the 2014-2019 resistance line.
