Technical forecast for Spot Gold

Spot Gold beat 1374/77 but has so far failed just below this week’s high at 1384. As stated yesterday this offers a selling opportunity with stops above 1386. A break higher could target 1395. We are now overbought short term & on the daily chart which should continue to limit the topside.

Watch for a test of support at 1368 & if we continue lower we could reach 1359/58 & a low for the day expected. However longs need stops below 1355 for a test of the next support at 1352/51. Just be aware that if this does not hold we should test very good support at 1344/42 for a short term buying opportunity.