Gold technical analysis: Eyes on 127.2% Fibo target

Gold bulls stay in control on trade war noise, bringing in key Fibo target.
On the downside, the 23.6% retracement to the 1452 level comes into play.

Ross J Burland FXStreet

The yellow metal has been on fire of late with the bulls have been eyeing up the 127.2% Fibo target up at 1,560 while holding well above the 20-day moving average and the 78.60% retracement of the recent ranges.

Overnight, the July swing highs of 1,453.95 were taken out and the 127.2% Fibo extension of the range between the July lows and today's highs opens a touch off the 1,500 level. Should there be a change in sentiment, a reversion will open a test of the 23.6% retracement to the 1452 level comes into play. 1428 marks the 50% mean reversion which meets the 20-D moving average.

XAU/USD

Overview
Today last price	1484.3
Today Daily Change	9.86
Today Daily Change %	0.67
Today daily open	1474.44

Trends
Daily SMA20	1427.68
Daily SMA50	1389.86
Daily SMA100	1339.27
Daily SMA200	1305.72

Levels
Previous Daily High	1474.95
Previous Daily Low	1456.65
Previous Weekly High	1455.8
Previous Weekly Low	1400.9
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1467.96
Daily Fibonacci 61.8%	1463.64
Daily Pivot Point S1	1462.41
Daily Pivot Point S2	1450.38
Daily Pivot Point S3	1444.11
Daily Pivot Point R1	1480.71
Daily Pivot Point R2	1486.98
Daily Pivot Point R3	1499.01

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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