3 May 2019
Gold Technical Analysis: Bears gunning for the 200-DMA, although stochastics oversold
- Bears are in control and aim for a test of the key confluence area is where the 200-DMA meets that 50% Fibo down at 1253.
- A breakdown there opens the 61.8% Fibo target at 1231 which meets the mid-Dec lows/Oct resistance.
- Meanwhile, the price is held at the 1266 support level.
- On the flipside, a bullish shadow accompanied by coiled stochastics in oversold territory opens the case for a re-run to the top of the resistance of the falling wedge.
