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Technical forecast for Spot Gold

By () · February 14, 2013 · Comments Off on Technical forecast for Spot Gold
Metals · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, EUR, EURUSD

Spot Gold fell just short of 1656/57 resistance where we expected a top. We have now retested the 1641/39 support & bounced as hoped, so we have a small bottoming pattern which should push us higher in to the end of the week. First target is 1649/50 then yesterday’s high at 1653.
Above here today we look for a test of 1656/57 resistance & a high for the day. However a break higher tomorrow is possible for 1661. A push above here then targets 1666 resistance & a selling opportunity.

1641/39 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.

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