Technical forecast for Spot Gold

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Spot Gold hit our buying opportunity at 1357/55 & a low for the day expected & held above 1352 to ensure stops were not activated. However the outlook is turning negative. Don’t forget we are in a 9 month down trend & being overbought with Monday’s reversal day we should turn lower now. Be ready to go with a break below 1352 this time for 1342/41. A low for the day is possible here & worth covering any shorts but any longs need stops below 1338 for a move towards the next support at 1329/28. Look for a bounce from here but longs need stops below 1324.

Immediate resistance at 1374/77 & we should struggle here but if we continue higher, this week’s high at 1384 offers a selling opportunity with stops above 1386. A break higher could target 1395.

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