Gold technical analysis: Bulls look to 1,590 as the 127.2% Fibo target

Gold bulls have the 1,550 level in sight.
Bears will look for a 50% mean reversion of the late June swing lows.

Ross J Burland FXStreet

Gold bulls have the 1,550 level in sight, which guards territories towards 1,590 as the 127.2% Fibo target. The price has been building a positive trend above the 21-day moving average. Resistance is located here in the 1535 level which meets the August highs.

Bulls will then look to the recent September highs next at the 4th September highs. However, should bullish attempts fail, bears will look for a 50% mean reversion of the late June swing lows to recent highs around 1470 should the fundamentals deteriorate. The 19 July swing highs down at 1,452.93 will then be in focus.

Daily chart XAU

Author

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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