Gold Technical Analysis: Testing trendline support, eyes on 1275 target
|- Gold had dropped out of the rising channel and below 1300 at the end of last month, taking out the 23.6% Fibos of the late Feb highs and early March swing lows and bulls failed to recover past the 1300 price tag as being the 50% reversion target of the latest sell-off.
- The price is testing the support of the 29th March lows and the rising support from Nov's bull trend.
- Daily stochastics are oversold, but meaningless if bulls can't get and hold above 1302, for the downside will remain compelling, with a target set at 1275.
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