Technical forecast for Spot Gold

Gold-Chart

Spot Gold held a very tight range last week from 1561 up to 1586/87 so we watch these parameters this week.

Below 1579 we could test support at 1569/67 again today & a break below last week’s low of 1561 could signal a retest of February lows at 1555.

We will need to hold above 1579/80 for another test of 1586/88 resistance. This could hold the top of the market again 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