Gold technical analysis: Toppy ahead of US CPI, but bullish wedge could see higher gold yet
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- While supported by the descending wedge's support, meeting the 200 HR EMA, the price of gold is resisted at the hourly 50 EMA.
- Stochastics are leaning bearish on both the hourly and daily time frames.
- To the downside, 1320 is guarding 1311 and 1303/06 to open 1297.
- 1297 level meets the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high.
- The 55-week ma sits at around 1260s and the 200-week ma comes in at 1250s.
- However, the wedge is bullish and a break of the 4th June resistance/50 HR EMA and 1329 highs, gold can run to 1340 and 1357.66 as the 2014-2019 resistance line.
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