Home Gold Technical Analysis: Repeated upside failures, Bears to target a break of 1275

Gold Technical Analysis: Repeated upside failures, Bears to target a break of 1275

Published date: 8 Apr. 2019 | 02:17

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).

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