Technical forecast for Spot Gold

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.

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