- 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.
Share
