Technical Analysis – Gold back below 1300
Posted on April 22, 2014 at 3:08 pm GMTGold fell back below the key 1300 level and has reversed most of the recent rally that took it to a high of 1330.91 on April14. Gold is currently broke below its 50 and 200-day moving averages and found support just above 1281 at the 50% correction of the upleg from 1182.16 (December 31 low to 1392.07 (March 17 high). Next support is at 1262.39 (61.8% Fibonacci) and below this at 1227.11 (61.8% Fibonacci). To the upside the 1300 psychological [..]