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

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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