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13 May 2019
Gold Technical Analysis: Bulls still need a close above 1298 to negate the bearish bias
- The price struggles at trendline resistance that meets a prior major support level that now acts as resistance.
- Bulls still need a close above 1298 to negate the bearish bias.
- 1302.80 would be preferable but a feasible target on any further signs of disunity in trade negotiations and a prolonged trade spat.
- On the downside, below 1278 and then 1275 guards a run down to test the 1266 lows again ahead of where 200-DMA meets that 50% Fibo down at 1254.
- A breakdown there opens the 61.8% Fibo target at 1231 which meets the mid-Dec lows/Oct resistance.
