Gold technical analysis: Mid-August 2018 major-uptrend’s support line tested for third time this month

Technically, the price is below the 50 and 20 DMAs, dropping back from channel resistance with room to go on the RSI to the downside although meeting its mid-April support line.
The price is now testing the mid-August 2018 major-uptrend’s support line for a third time this month.
A break of this support will open 1262 and S1.
On a continuation to the downside, the 200 DMA is located at 1257 while 1251 marks the 10th Dec swing highs (William's fractal point and target).
On the flipside, a mean reversion of the recent swing highs to lows meets the 50 DMA at 1289.
However, the bulls will first need to break the 1281/82 resistance and 23.6% Fibo retracement of the said range which is also the wedge's resistance point.
1286 marks the 21-DMA. 1297 is trend line resistance while 1303 is recent swing fractal high.

Ross J Burland FXStreet

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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