Technical forecast for Spot Gold

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Spot Gold has managed yet another a recovery to resistance at 1295/1300. This is the upper end of the 2 week range but a break higher looks possible today & could allow a move towards 1325/30 for an excellent selling opportunity.

Immediate support is 1287 but below here look for 1279/78 then 1271/70 which has held the downside this week. A bounce from here is likely again but watch for a break lower to target 1265/64 then 1255.

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