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13 May 2019
Gold Technical Analysis: Bulls are right where they need to be, holding above first key resistance
- Price has broken the trendline resistance and rallied to the 1298 target, heading towards a North American close above the level while stocks remain heavily under water.
- The next leg on the radar will be a close above 1310 to target 1318 and 1324.
- Stochastics are overbought and a mean reversion of 50% of the rally opens 1292, (prior R1) as a target which may attract further bids if the level holds.
- Not favoured, but on a continuation of the downside, a close below 1281, bears will then need to get back below 1278 and then 1275 that guards a run down to test the 1266 lows again ahead of where 200-DMA meets that 50% Fibo down at 1254.
