Technical forecast for Spot Gold

Spot Gold failed to test 1619/21 as we consolidate recent losses above last week’s low at 1598. A break lower today sees 1595 & then 1590 below but there is scope for a test of 1585 this week in this 4 month down trend. This is where it should be worth buying in to longs.

Resistance at 1611 but above here we could stretch to 1615, possibly 1619/1621. This should be tough to beat so a top for the day is likely but a push higher targets 1626 with any further strength then likely to target 1633/35 for a selling opportunity this week.

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