Technical forecast for Spot Gold

Spot Gold broke 200 day moving average support at 1665 & the 100 week moving average at 1652 to reach 1643/42.

A bounce today should find 1649 but above here we meet resistance at 1652.50/1653.00. Watch for a top here but if do push higher we should test 1656, may be 1658.50/1659.50. This is expected to offer a good selling opportunity.

Failure to get through 1649 should see us retest 1643/42 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly December lows at 1627/26.

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