Technical forecast for Spot Gold

Spot-Gold

Spot Gold dipped below 1643/42 but only to 1639 before recovering. If we can now hold above 1649 we should push on to 1656/57 resistance. We could top out here so worth taking profit on longs & if trying shorts we need a stop above 1659 as this could open the door to a test of 1666 resistance.

Failure to hold above 1649 should see us retest 1641/39 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly a test of 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