Gold Technical Analysis: Bulls looking to $1,303 and trendline resistance

Oversold stochastics were coiled and the upside is now compelling with the latest price action popping from the sold support of the 38.2% Fibo.
A hold above the taking 20-D EMA exposes the 50-D EMA at 1292 and the spike will have shaken out some speculative shorts allowing bulls to focus on a target of 1303 (23.6% Fibo) with a look in at the trendline resistance.
On the flipside, on a resumption of the downside, a close below the 38.2% Fibo and 1275 would open prospects back for the 200-D EMA and confluence area of the 50% retracement target of 1250/1253 respectively.

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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