Gold Technical Analysis: Trend line support holds and bulls look to 23.6% Fibo target or risk a drop to $1,275

Ross J Burland FXStreet

Gold dropped out of the rising channel within the triangle-like-pattern for a test below 1300, briefly piercing the 38.2% Fibo of the late Feb highs and early March swing lows.
However, MACD and RSI were oversold and bulls took back control to pierce the 1300 level for a test o as the 50% reversion target of the drop.
From here, daily stochastics are neutral and unless bulls can get and hold above 1302, the downside remains compelling, with a target set at 1275. A break of the 23.6% fibo will open the case for a continuation of the bull trend and above trend line resistance.

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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