Technical forecast for Spot Gold

gold

Spot Gold beat resistance at 1391/1401 to hit our next target of 1428/34. We did expect a high for the bounce here to try shorts with stops on shorts needed above 1450. So far we have topped at 1439 so this is working exactly as planned but if we do break 1450 look for 1469/70, possibly a move as far as 1503 this week.

First target for our shorts is 1412/11 then 1395/90 where we could see a low for today but below here look for then 1580 & possibly 1366. Next support is 1348/47 but below here another test of 1322 lows is likely. A break cannot be ruled out & could then target the 2011 low at 1308 & a bounce expected. However if we continue lower look for 1284/70. This should be a very good buying opportunity with a strong chance of a longer term bounce.

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