Gold technical analysis: The 38.2% ahead of a full retracement is on the cards on Dollar strength

Ross J Burland FXStreet

Gold prices were grinding their ways higher on Thursday but they are yet to break the 1528/30s. Bulls need to get over there in order to continue higher. On a breakout, bulls will look to the 127.2% Fibo target which is located around 1,560, guarding the Oct 2012 highs at 1795. However, on the downside, 1520is now key and will come under pressure on continued Dollar strength. A break there opens 1509 where price will meet the 38.2% ahead of a full retracement back below the 1500 handle to the 1480s.

XAU/USD

Overview
Today last price	1524.51
Today Daily Change	1.31
Today Daily Change %	0.09
Today daily open	1523.2

Trends
Daily SMA20	1458.65
Daily SMA50	1417.09
Daily SMA100	1352.88
Daily SMA200	1315.68

Levels
Previous Daily High	1526.79
Previous Daily Low	1508.46
Previous Weekly High	1510.16
Previous Weekly Low	1436.96
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1519.79
Daily Fibonacci 61.8%	1515.47
Daily Pivot Point S1	1512.18
Daily Pivot Point S2	1501.16
Daily Pivot Point S3	1493.85
Daily Pivot Point R1	1530.5
Daily Pivot Point R2	1537.81
Daily Pivot Point R3	1548.83

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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