Technical forecast for Spot Gold

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Spot Gold hit our buying opportunity at 1374/72 over night & bottomed exactly here. This trade worked perfectly as we shot higher to 1398. We then dipped back to 1385/84 & this support at held nicely as predicted. A low for the day is likely here again today but if we continue lower look for a buying opportunity once again at 1374/72, with stops below 1367.

Immediate resistance at 1395/96 should be a struggle & should be worth exiting longs. However if we continue higher look for 1403/04. We can try shorts up to resistance at 1414/16, where we expect a high for the day if we reach this far. Use stops above 1419.

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