Gold technical analysis: Toppy ahead of US CPI, but bullish wedge could see higher gold yet

Ross J Burland FXStreet

While supported by the descending wedge's support, meeting the 200 HR EMA, the price of gold is resisted at the hourly 50 EMA.
Stochastics are leaning bearish on both the hourly and daily time frames.
To the downside, 1320 is guarding 1311 and 1303/06 to open 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.
However, the wedge is bullish and a break of the 4th June resistance/50 HR EMA and 1329 highs, gold can run to 1340 and 1357.66 as the 2014-2019 resistance line.

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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