Gold Technical Analysis: Bears looking to test $1,280

Bears broke back below the 23.6% Fibo and broke the 20 and 50-D SMAs

Daily momentum indicators lean bearish while the price trades below 1303 (a 50% Fibo).

Bears will look to 1285 and then 1280 which will open prospects for a run the downside target of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs).

Below here, the 200-DMA will come into play, (1249/50% Fibo area).

On the upside, 1308 (61.8% Fibo) and the trendline resistance guards a run back to the Feb highs and 1350.

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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