Gold technical analysis: Bulls rejected at short-term trend line resistan…

 

  • Gold has extended its upside but meets and falls at shotterm trend resistance.
  • While above the 20-D EMA, 1314, bulls can aim for 1340 that guards a measured run towards 1357.66 as the 2014-2019 resistance line.
  • To the downside, 1326, 1320 and 1314 are guarding 1311 and 1303/06 to open 1297.
  • 1297 level meets the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high.
  • The 55-week ma sits at around 1260s and the 200-week ma comes in at 1250s.