Technical forecast for Spot Gold

Spot Gold has been directionless, holding last Thursday’s range of 1684.05 down to 1658.01. Yesterday we held Tuesday’s range and above support from the 9 day moving average at
1667.25/1666.85 but below here we should test short term Fibonacci and 200 day moving average support at 1666.60. Any longs here need a stop below Monday’s low of 1662 for 1660/58.

We have managed a push through 1677.00/75 to target 1682.18-1683.10 now. Above here we can test the high for the past week at 1684.10/85.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More