Gold Technical Analysis: Trend line support holds and bulls look to 23.6% Fibo target or risk a drop to $1,275
|
- Gold dropped out of the rising channel within the triangle-like-pattern for a test below 1300, briefly piercing the 38.2% Fibo of the late Feb highs and early March swing lows.
- However, MACD and RSI were oversold and bulls took back control to pierce the 1300 level for a test o as the 50% reversion target of the drop.
- From here, daily stochastics are neutral and unless bulls can get and hold above 1302, the downside remains compelling, with a target set at 1275. A break of the 23.6% fibo will open the case for a continuation of the bull trend and above trend line resistance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.