Gold Technical Analysis: Bulls in control above 1316, targetting 78.6% Fibo in 1332s

  • While above 1316, gold bulls are in control, currently challenging the 61.8% Fibo within the rising wedge formation, with targets set on the 78.6% Fibo. 
  • There is room here for a pullback to challenge the rising wedge's support with stochastics overbought.
  • 1323 ahead of 1332 guards the 2019 highs as being the 19th Feb high of 1345.19.
  • On the downside, 1316 and 1302 are key. A break here will jeopardise the 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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.

EUR/USD News

GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.

GBP/USD News

USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.

USD/JPY News

The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News

majors

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •