Technical forecast for Spot Gold

Spot Gold broke 1584 & fell all the way back to 1565. Support 1569/67 held yesterday as expected and could hold any weakness again today. However a break below 1565 could signal a retest of February lows at 1555.

It does look like we can hold above 1579/80 for 1587/88 resistance. This could hold the top of the market today but if we start to push higher look for 1595 with 1605/09 the target above.

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