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  • Bulls are closing above the 1500 psychological figure looking to 1535 resistance level.
  • Gold prices can deteriorate all the way back to the 19 July swing highs down at 1452.93.

Having recovered from below a 50% mean reversion of the late June swing lows to recent highs around 1460/70, the price of Gold is turning heads again as the bulls seek out a run back towards the 1520 level. They will have eyes on the  1535 resistance level. On a break of that resistance that has proven to be robust on recent attempts, bulls will then look to a  1550 target ahead of 1,590 as the 127.2% Fibo target.  On the downside, bears are looking to the 19 July swing highs down at 1452.93. Eyes will then be on the 61.8% Fibo of the same range at 1449.56 ahead of a full 100% retracement to 1380.

XAU Daily chart