Technical forecast for Spot Gold

Spot Gold has been directionless for over a week now stuck from 1684.05 down to 1658.01. Yesterday we held resistance at 1682.18-1683.10 and above Monday’s low of 1662. We have 200 day moving average support at 1665 today. Any longs here need a stop below Monday’s low of 1662 for 1660/58.

Resistance at 1673 but above here we could try for 1677.00/75 & a push through here targets 1682.18-1683.10 again with a possible high for the day. Above here however 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