- Bulls have their eyes on the 127.2% Fibo target up at $1,560.
- Meanwhile, on a reversion, a 23.6% retracement to the 1435 level comes into play.
Gold bulls are in control following last week’s fight to safety on the trade war escalations between the US and China. Bulls have their eyes on the 127.2% Fibo target up at $1,560 while trading above the 20-day moving average and the 78.60% retracement of the recent ranges. The July swing highs of 1453.95 are a stone throw away at this juncture. Meanwhile, on a reversion, a 23.6% retracement to the 1435 level comes into play. 1421 marks the confluence of the 20, 50 and 200 daily moving averages.
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