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8 Apr 2019
Gold Technical Analysis: Repeated upside failures, Bears to target a break of 1275
- Stuck below the 1300 psychological level as being the 50% reversion target of the late March sell-off.
- Price has been consolidating since dropping out of the rising channel.
- Daily stochastics are below 20 and RSI is neutral. Bears need to get below the 1280 level, which is feasible should price remain below 1307 and the 38.2% Fibo confluence of Feb support and resistances. Bears can target a break of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs) and below where the 200-DMA will come into play, (1250/50% Fibo area).
