Gold technical analysis: The 38.2% ahead of a full retracement is on the cards on Dollar strength

London (Aug 16)  Gold prices were grinding their ways higher on Thursday but they are yet to break the 1528/30s. Bulls need to get over there in order to continue higher. On a breakout,  bulls will look to the 127.2% Fibo target which is located around 1,560, guarding the Oct 2012 highs at 1795. However, on the downside, 1520is now key and will come under pressure on continued Dollar strength. A break there opens 1509 where price will meet the 38.2% ahead of a full retracement back below the 1500 handle to the 1480s.

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