Gold Technical Analysis: 1307 and the 38.2% are key to the upside, 1275 is key to the downside

Bulls remain below the 1300 level which was the being the 50% reversion target of the latest sell-off.
The price has been consolidating since dropping out of the rising channel.
The price has been testing the support of the 29th March lows and the rising support from Nov's bull trend.
Daily stochastics are oversold and bulls look to the 1300's again if 1285 holds.
However, failure through 1307 and the 38.2% Fibo confluence of Feb support and resistances, the downside will remain compelling, with a target set at 1275 (38.2% fibo retracement of the Aug 2018-Feb swing lows and highs) and below where the 200-DMA will come into play, (1250/50% Fibo area).

Ross J Burland FXStreet

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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