Gold Technical Analysis: 200-D SMA lower, stochastics bearish with price below 20-50-D SMA crossover
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- Technically, bears remain in control with an impressive engulfing candle.
- Stochastics stay bearish with plenty to go on the downside while the price trades below 1303 (a 50% Fibo) and the 21-D/50-D SMA cross over (1298).
- A break of 1285 and then 1280 opens prospects for a run the downside target of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs).
- Below here, the 200-DMA will come into play, (1249/50% Fibo area). Bulls need a break of 1308 (61.8% Fibo) and trendline resistance to attract fresh bids in pursuit of Feb highs and 1350.
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