Technical forecast for Spot Gold

gold1

Spot Gold edged back up to 1428/34 & has pushed higher towards 1450. The outlook is more positive if we hold above 1434 & if we make it through 1450 today look for 1469/70, possibly a move as far as 1503 this week. Exit longs here & try shorts with a stop above 1515.

1428/34 is now good support & should hold any weakness but below here we could reach 1405 then 1395/90 where we could see a low for today if we fall this far.

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