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6 May 2019
Gold Technical Analysis: Pops in risk-off market, pierces into key resistance at 1280/84.50
- Gold prices have popped up to resistance on the open in a risk-off start to the week, (Breaking: Trump’s threat to lift tariffs on Chinese imports sends risk assets into reverse, Yen is 0.34% higher vs dollar).
- bulls need to get back and hold and close above 1280/84.50 for a look in at 1298.
- A close above 1298 should negate the bearish bias but a close above R2 at 1302.80 would be ideal.
- On a correction back to the downside would target a run to a confluence area 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.
