Gold Technical Analysis: Bulls in control above 1316, targetting 78.6% Fibo in 1332s
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- While above 1316, gold bulls are in control, currently challenging the 61.8% Fibo within the rising wedge formation, with targets set on the 78.6% Fibo.
- There is room here for a pullback to challenge the rising wedge's support with stochastics overbought.
- 1323 ahead of 1332 guards the 2019 highs as being the 19th Feb high of 1345.19.
- On the downside, 1316 and 1302 are key. A break here will jeopardise the bullish Ichimoku Cloud and leave the outlook neutral with a bearish bias.
- 1298 and 1290 guard a run to 1280 as a keen target ahead of 1275 which remains the line in the sand to the downside.
- A break below here will put the attention back to the towards to 1250, a key confluence area made up of Fibos and prior support and resistance.
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