Technical forecast for Spot Gold

Spot-Gold2

Spot Gold hit our first target of 1649/50 & topped out here. We then broke good support at 1641/39 & continued lower through 1635 as we close in on December lows at 1628/26. This is firm support & with the market starting to look over sold there is a strong chance we bottom out here again today. However if we break lower again look for the next support at 1617/16 to be tested.

Any move higher today runs in to resistance at 1635.75 & then 1639 above. If we continue higher we should top out at 1641/43 but go with a move through 1645 looking for 1648/50.

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