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27 May 2019
Gold technical analysis: Bull target top of descending channel, supported by 20 DMA
- Gold prices were supported on the 20-D EMA as bulls line up for a test towards the channel resistance.
- Stochastics continue to lean bullish.
- Bulls can target the 61.8% Fibo at 1290 ahead of 1297 as the trend line resistance. 1303 is recent swing fractal high.
- The price leans against the mid-August 2018 major-uptrend’s support line.
- To the downside, bears can target the double bottom lows at 1266 ahead of 1262.
- The 200 DMA is located at 1257 while 1251 marks the 10th Dec swing highs.
