- Gold support has given way to a move back into the symmetrical triangle.
- The 20-day moving average is now a key target on the downside.
Gold had been bumping along the symmetrical triangle’s prior resistance following a breakout through the 1450 level which was followed by a fade back to the symmetrical triangle. Should price hold below 1420/25, bears will then look for a run below the 1400 psychological level. The 23.6% Fibo of the latest swing lows and highs are located at 1398. The $1,373/76 zone comes into play thereafter which meets the 19th June spike correction lows and the 38.2% Fibo of the same swing ranges.
Directly below the price in this move, we can see that the 20 daily moving average is located at 1413, this too is a key level to the downside as will the 50 and 100-days moving averages.
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