Gold Technical Analysis: Bulls back in the game within daily ascending channel, target 1,320

While the price may have dropped below 1300, ATR and momentum indicators suggested that the downside was overdone on Thursday.
Friday's price action took the bulls back into bullish territory within the ascending channel with eyes on a break of 1320 while trading above 1275.
First, bulls can target 1315 as the next key target that meets the trend-line prior support of the rising channel - 1313 is the 50% Fibo target. 1332 guards the 2019 highs as being the 19th Feb high of 1345.19.
1275 is a key support and a break below it will put the attention back to the towards to 1250, a key confluence area made up of Fibos and prior support and resistance.

Support levels: 1291 1280 1270.

Resistance levels: 1312 1322 1332.

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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