Gold technical analysis: Bulls testing the 1500s resistance

Ross J Burland FXStreet

Gold has been on the up of late, however meeting some pretty strong rejection in the 1520s, a barrier much protected by the bears on the way to the grand target.

Bears have been testing through the commitments of the bear's influence and trendline resistance where it met the 1500 level, a psychologically important number that guarded a run towards the 1520 area guarding prospects for a test back to the key 1535 resistance target.

On failures to hold in the 1500s, bears, instead will be looking towards a 50% mean reversion of the late June swing lows to recent highs level around 1460/70.

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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