Gold technical analysis: Bull target top of descending channel, supported by 20 DMA

Ross J Burland FXStreet

Gold prices were supported on the 20-D EMA as bulls line up for a test towards the channel resistance.
Stochastics continue to lean bullish.
Bulls can target the 61.8% Fibo at 1290 ahead of 1297 as the trend line resistance. 1303 is recent swing fractal high.
The price leans against the mid-August 2018 major-uptrend’s support line.
To the downside, bears can target the double bottom lows at 1266 ahead of 1262.
The 200 DMA is located at 1257 while 1251 marks the 10th Dec swing highs.

Author

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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