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Technical forecast for Spot Gold

By () · August 20, 2013 · Comments Off on Technical forecast for Spot Gold
Metals · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

Spot Gold edged higher but only as far as 1384. We then fell to our buying opportunity at 1357/55 with a low for the day expected. We have bottomed exactly here in fact as we start to look oversold short term but longs need stops below 1352 for a test of the next support at 1342/41. Exit shorts & try longs here expecting a bounce from here but with stops below 1336.

If we can hold on to 1355 look for 1362 & possible a bounce as far as 1368/69. If we continue higher we should meet 1374/75 before yesterday’s high at 1384.

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