Technical forecast for Spot Gold

Spot Gold hit the next target & support at 1396/94 for a buying opportunity & a low for the day with stops below 1389. This trade worked perfectly as we bottomed at 1392 & rallied back up to 1405. The important level to watch today is 1395/91. Despite being oversold short term a break lower does look possible & should target 1385/84. A low for the day is likely here but is we continue lower look for a buying opportunity at 1374/72 with stops below 1367.

Immediate resistance at 1403/05 should be a struggle & should be worth exiting longs. However if we continue higher we can try shorts up to resistance at 1414/16, where we expect a high for the day. Use stops above 1419.