Gold Technical Analysis: Testing trendline support, eyes on 1275 target

Gold had dropped out of the rising channel and below 1300 at the end of last month, taking out the 23.6% Fibos of the late Feb highs and early March swing lows and bulls failed to recover past the 1300 price tag as being the 50% reversion target of the latest sell-off.
The price is testing the support of the 29th March lows and the rising support from Nov's bull trend.
Daily stochastics are oversold, but meaningless if bulls can't get and hold above 1302, for the downside will remain compelling, with a target set at 1275.

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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