- A third test of the key trendline resistance wasn’t to be and the bulls capitulated prematurely.
- Overbought readings weighed in on the precious metal’s northerly trajectory.
- The break below 1303 (50% Fibo) and the 21-D SMA opens the case for a subsequent run to 1285 and 1280.
- A break there will open prospects for a run the downside target of 1275 (38.2% Fibo retracement of the Aug 2018-Feb swing lows and highs).
- Below here, the 200-DMA will come into play, (1250/50% Fibo area).
- Bulls need a break of 1308 (61.8% Fibo) and trendline resistance to attract fresh bids in pursuit of Feb highs and 1350.
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