Gold technical analysis: Rejected at fresh long-term resistance

Technically, gold shied away from the recently posted fresh long term decending resistance highs.

Bears look to 1325, 1311 and 1303/06 to open 1297 as a is likely to be a line in the sand.

1297 is 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.

On the upside, 1357.66 is the 2014-2019 resistance line.

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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