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.

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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