Gold technical analysis: Price rejected through prior resistance but holds in 1500s

The 4-hour 200 moving average at 1,510 which continues to hold.
Bears can target a 50% mean reversion of the late June swing lows to recent highs.

Ross J Burland FXStreet

The price of gold is soft in the open this week as trade talk noise continued to dominate. Gold has fallen from a high of 1516.69 to a low of 1511.89 and is currently trading -0.18% on the session so far, falling back towards the prior trendline resistance.

The recent resistance was pierced on Friday with a higher high in the 1,500s and closing above the 4-hour 200 moving average at 1,510 which continues to hold in Asia today. On a continuation to the upside, bulls will target the 1550 level which guards territories towards 1,590 as the 127.2% Fibo target area. Bears can target a 50% mean reversion of the late June swing lows to recent highs around 1470 could be on the cards which guards the 19 July swing highs at 1,452.93.

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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