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.