Gold Technical Analysis: Bulls still under water unless break and hold above $1302

• Gold recovers from drop that took price out of the rising channel and below 1300 the prior session where the 38.2% and the 23.6% Fibos of the late Feb highs and early March swing lows were broken, testing the bottom of the cloud where it stablised and bounced back from.
• However, MACD and RSI were oversold and bulls aimed for the 1300 price tag as the 50% reversion target of yesterday’s move.  
• From here, daily stochastics are neutral and unless bulls can get and hold above 1302, the downside remains compelling, with a target set at 1275. 

Gold daily chart