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28 May 2019
Gold technical analysis: Holding above the 20-DMA, sights on 61.8% Fibo at 1290
- Gold prices hold above the 20-D EMA channel resistance as stochastics continuing to lean bullish as the price leans against the mid-August 2018 major-uptrend’s support line.
- A re-run of the downside, however, will open prospects for the double bottom lows at 1266 ahead of 1262.
- Below there, the 200 DMA is located at 1257 while 1251 marks the 10th Dec swing highs.
- On the flipside, bulls can target the 61.8% Fibo at 1290 ahead of 1297 as the trend line/channel resistance.
- 1303 is recent swing fractal high.
