Technical forecast for Spot Gold

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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.

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