- Bulls committed to the upside and target a break of 1528/30s.
- The 127.2% Fibo target is located around 1,560.
The price of the yellow metal has fliped back in a bullish trend, reversing losses seen in the prior session. The trend has been in development since a break above the 1450s and has been moving higher for the best part of August. The 1500 level was penetrated to 1480 in recent sessions but the bulls committed for a continuation, to the upside. From here, the 1528/30s come as a prior support area where the price was to be expected to hold initial tests. However, on a full-on break higher, bulls will look to the 127.2% Fibo target which is located around 1,560, guarding the Oct 2012 highs at 1795.
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