Gold technical analysis: All eyes on 23.6% retracement target

• Bulls can eye the 127.2% Fibo target up at 1,560, but first, a pull back is on the making.
• Trade war and fears of a global slowdown keeping the bid alive in gold.

Trade war angst is here to stay and the bulls are in control. On a breach of higher grounds, bulls will have eyes on the 127.2% Fibo target up at 1,560 and then the Oct 2012 highs at 1795 come into the picture on the wide. For now, the downside is playing out towards 1485 and the 23.6% Fio retracement target.

On the upside, and on the very wide, the 1800s come as the 2011 highs and the price has touched the 61.8% Fibo retracement of those highs to the late 2015 swing lows. The 1528/30s are a prior support which could come in as the next major upside target where the price would be expected to hold initial tests. The 1430s come as a likely support area below a retracement of the 23.6% Fibo in the 1450s.