18 Mar 2019
Gold Technical Analysis: Bulls back in the game within daily ascending channel, target 1,320
- While the price may have dropped below 1300, ATR and momentum indicators suggested that the downside was overdone on Thursday.
- Friday's price action took the bulls back into bullish territory within the ascending channel with eyes on a break of 1320 while trading above 1275.
- First, bulls can target 1315 as the next key target that meets the trend-line prior support of the rising channel - 1313 is the 50% Fibo target. 1332 guards the 2019 highs as being the 19th Feb high of 1345.19.
- 1275 is a key support and a break below it will put the attention back to the towards to 1250, a key confluence area made up of Fibos and prior support and resistance.
- Support levels: 1291 1280 1270.
- Resistance levels: 1312 1322 1332.
