Gold technical analysis: Bulls testing bear commitments at five-year-long resistance

The 20&50 4HR EMAs are offering support and the price can move towards 1357.66 as the 2014-2019 resistance line.
We are in the running of a five-year-long breakout according to the monthly chart below.
The Jan and April highs come in around 1365.
However, it must be noted that the price is moving into overbought territory.
To the downside, 1320 is guarding 1311 and 1303/06 to open 1297.
1297 level meets the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high.
The 55-week ma sits at around 1260s and the 200-week ma comes in at 1250s.

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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