Gold Technical Analysis: Bears gunning for the 200-DMA, although stochastics oversold

Bears are in control and aim for a test of the key confluence area is where the 200-DMA meets that 50% Fibo down at 1253.
A breakdown there opens the 61.8% Fibo target at 1231 which meets the mid-Dec lows/Oct resistance.
Meanwhile, the price is held at the 1266 support level.
On the flipside, a bullish shadow accompanied by coiled stochastics in oversold territory opens the case for a re-run to the top of the resistance of the falling wedge.

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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