Gold Technical Analysis: Bulls eye a test of 1,315 (50% Fibo target: 1,313)

  • While the price may have dropped below 1300, ATR and momentum indicators suggested that the downside is overdone on Thursday and the price made some territory on 1300 on Friday.
  • While trading above 1275, on the way up, 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 $1,345.19/oz. 
  • 1275 remains the line in the sand to the downside, 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: 1289 1282 1272
  • Resistance levels: 1306 1316 1323

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