Gold technical analysis: Eyes on 127.2% Fibo target
|- Gold bulls stay in control on trade war noise, bringing in key Fibo target.
- On the downside, the 23.6% retracement to the 1452 level comes into play.
The yellow metal has been on fire of late with the bulls have been eyeing up the 127.2% Fibo target up at 1,560 while holding well above the 20-day moving average and the 78.60% retracement of the recent ranges.
Overnight, the July swing highs of 1,453.95 were taken out and the 127.2% Fibo extension of the range between the July lows and today's highs opens a touch off the 1,500 level. Should there be a change in sentiment, a reversion will open a test of the 23.6% retracement to the 1452 level comes into play. 1428 marks the 50% mean reversion which meets the 20-D moving average.
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