5 Jun 2019
Gold Technical Analysis: Bulls stay in control and eye February high at 1347.11
- The price rallied above of the prior falling wedges resistance recently and while underpinned by the 200 day ma and October high at 1263.16/1243.55, Gold holds onto bullish territory.
- Bulls have their eyes on the February high at 1347.11 guarding a major level at 1357.66 as being the is the 2014-2019 resistance line.
- 1392.55 is the 2014 high.
- On the downside, below 1306,1297 is likely a line in the sand being the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high.
- The 55 week MA sits around 1260.24 and the 200-week ma comes in at 1249.24.
