Technical forecast for Spot Gold

gold

Spot Gold tested & held support at 1273/71 for a bounce as predicted as we held above the stop level of 1267. We managed a recovery towards resistance at 1299/1302, topping so far at 1295. This area could hold the topside today but use stops on shorts above 1308 as a break higher could allow a move towards 1325/30 for an excellent selling opportunity.

Support at 1271/68 should hold the downside again today. However any longs need stops below 1266 for continue losses to 1260 & may be as far as 1255/54.

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