Gold technical analysis: Summer 2016 highs in the 1370s in sight


  • For gold bulls, the Jan and April highs came in around 1365 which guards the summer 2016 highs in the 1370s ahead of the Sep 2013 highs in the 1435s.
  • To the downside, 1346 was broken and now 1320 is guarding 1311.
  • On a follow through, 1303/06 guards 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.

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