Technical forecast for Spot Gold

Spot Gold made it to resistance at 1375/76 where we predicted a struggle & this was in fact the high for the day. We collapsed to the May low & good support at 1339/38 & this has so far held the downside perfectly. A break below here cannot be ruled out today & could target this year’s low at 1322.

If we continue to hold good support at 1339/38 look for a small short term recovery to 1351/52 & possibly as far as 1359/60. A high for the day possible here so may be exit longs & try shorts with stops above 1365 as a break higher could target the next resistance at 1371/72 for a selling opportunity.