Gold Technical Analysis: Bears looking to test $1,280
|- Bears broke back below the 23.6% Fibo and broke the 20 and 50-D SMAs
- Daily momentum indicators lean bearish while the price trades below 1303 (a 50% Fibo).
- Bears will look to 1285 and then 1280 which 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 here, the 200-DMA will come into play, (1249/50% Fibo area).
- On the upside, 1308 (61.8% Fibo) and the trendline resistance guards a run back to the Feb highs and 1350.
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