Technical forecast for Spot Gold

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Spot Gold rocketed through all resistance to gain almost $80 in a day & reach 1365. This happens to be 50% Fibonacci resistance so only a break above trend line resistance at 1372 would allow further gains today with a target of 1379/80. A high for the day is likely here but any shorts need stops above 1385 as a break higher should then target 1391/94. If we continue higher look for a selling opportunity at 1400/1403.

Below 1360 could trigger some profit taking towards support at 1349/46. Look for a low for the day & a bounce from here but be aware there is further good support at 1338/37.

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