Gold Technical Analysis: Bulls still need a close above 1298 to negate the bearish bias

The price struggles at trendline resistance that meets a prior major support level that now acts as resistance.
Bulls still need a close above 1298 to negate the bearish bias.
1302.80 would be preferable but a feasible target on any further signs of disunity in trade negotiations and a prolonged trade spat.
On the downside, below 1278 and then 1275 guards a run down to test the 1266 lows again ahead of where 200-DMA meets that 50% Fibo down at 1254.
A breakdown there opens the 61.8% Fibo target at 1231 which meets the mid-Dec lows/Oct 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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