Gold Technical Analysis: Bullish while above 50% Fibo; Break of trend-line resistance opens 1332 target

The price took a dip below 1316/17, but found support at the next key level being the confluence of recent lows and the 50% Fibo.
As can be seen, the eclipse is a key area that bulls need to remain within and the new trend line resistance will give way for a run to the 78.6% Fibo within the rising channel formation.
1323 ahead of 1332 guards the 2019 highs as being the 19th Feb high of 1345.19.
On the downside, 1313 and 1302 are key. A break here will jeopardise the neutral/bullish Ichimoku Cloud and leave the outlook neutral with a bearish bias.
1298 and 1290 guard a run to 1280 as a keen target ahead of 1275 which remains the line in the sand to the downside.
A break below here will put the attention back to the towards to 1250, a key confluence area made up of Fibos and prior support and resistance.

Ross J Burland FXStreet

Gold daily chart

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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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